Fitch affirms Rural Electrification

Fitch Ratings said it affirmed the national long-term debt program rating of Rural Electrification Corp. Ltd. (REC) at AAA(ind) following an increase in the size of the fiscal 2006 debt program to Rs. 110 billion from Rs. 90 billion.

The outlook is stable.

Fitch noted that REC's rating affirmation is based on its close linkages with the Government of India and the support it enjoys.

The government's support for REC is evident in the recovery of dues from SPUs through direct measures such as the channeling of the state's Central Plan Assistance to REC, the agency added.

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