Fitch rates Karnataka State Financial bonds AA-(ind)(SO)

Fitch Ratings said it assigned Karnataka State Financial Corp. an expected an AA-(ind)(SO) national rating to its Rs.1,000 million (including a green shoe option of Rs.300 million) long-term bond program. The agency also affirmed the AA-(ind)(SO) rating assigned to its Rs.3 billion long-term bond issued in 2006.

The outlook is stable.

The government of Karnataka unconditionally and irrevocably guarantees the repayment of principal and interest on both these issues, Fitch said, and the ratings reflect the underlying credit profile of the state.

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