Fitch assigns Jalandhar loans BBB(ind)

Fitch Ratings said it assigned a BBB(ind) rating to Jalandhar Amritsar Tollways Ltd.'s long-term project bank loans aggregating Rs. 1.57 billion.

The agency said it has also assigned a BBB(ind) rating to the non-fund based exposure aggregating Rs. 78.9 million serving as performance security, executed in the form of a bank guarantee.

The outlook is stable.

Fitch added that the company's ratings take into account the partial mitigation of construction risk by the strong track record of IVRCL Infrastructures and Projects Ltd. (AA-(ind)), with whom IVRCL Infrastructures and Projects Ltd. (AA-(ind)) has a fixed-price engineering, procurement and construction contract.

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