Fitch rates DSP Merrill notes AAA(ind)

Fitch Ratings said it assigned DSP Merrill Lynch Capital Ltd. a national long-term rating of AAA(ind), along with an expected rating of AAA(emr)(ind) to its Rs. 10 billion fully principal protected equity-linked notes.

The rating is contingent on the receipt of final documents.

The outlook is stable.

The ratings are based on an expectation of support from its ultimate parent, Bank of America Corp., Fitch said.

The rating also takes into account oversight of the company's operations by Bank of America, the agency said, as well as the company's strong capitalization and liquidity profile.

Fitch said it believes that the company is a key part of Bank of America's end-to-end business strategy for its corporate clients as it provides specialized lending products, and strengthens the bank's overall franchise in India.

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