Fitch rates Ajmer Municipal Council BBB(ind)

Fitch Ratings said it assigned a national long-term issuer rating of BBB-(ind) to the Ajmer Municipal Council.

The outlook is stable.

The rating is largely driven by the financial support the company receives from the government of Rajasthan in the form of octroi compensation grant and revenue grants, Fitch said. It also has a track record of consistently generating revenue surpluses, the agency added.

The rating is constrained by a narrow economic base and the proposed transfer of provision of water supply to the company from the public health department of the government, Moody's said.

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