Fitch rates ETHL Communications debt AAA(ind)

Fitch Ratings said it assigned final ratings of AAA(ind)(SO) with a stable outlook the instruments to be issued by ETHL Communications Holdings Ltd. The instruments consist of the zero-coupon series A debentures of Rs. 22.5 billion due July 22, 2011 and zero-coupon series B debentures of Rs. 22.5 billion due Dec. 7, 2011.

The debentures are backed by receivables under the novated onshore underwritten put option agreement for its 10.97% stake in Vodafone Essar Ltd., Fitch said.

Any major deterioration in the credit quality of Vodafone or counterparties to below the ratings of the instruments could trigger a downgrade, the agency said.

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