Fitch affirms IDAA Infrastructure

Fitch Ratings said it affirmed IDAA Infrastructure Private Ltd.'s outstanding long-term project bank loans of Rs. 12.11 billion at BBB-(ind).

The outlook remains stable.

The affirmation takes into account the completion of construction almost as per schedule and the application made by the project to the National Highways Authority of India (AAA(ind)/stable), seeking a formal toll notification that will allow the company to commence collecting toll revenues, according to the agency.

Ratings are constrained by the high leverage and project cash flows that are sensitive to economic conditions, the agency said.

The rating benefits from the project corridor being a part of the high profile National Highway-8 connecting Delhi-Mumbai running through dense clusters of a variety of heavy industries and the agricultural establishments of South Gujarat, as well as the sponsor's track record in building and operating toll facilities, Fitch said.

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