Fitch rates India Infrastructure bonds AAA(ind)(SO)

Fitch Ratings said it assigned India Infrastructure Finance Co. Ltd.'s Rs.2 billion unsecured redeemable non-convertible taxable rupee bonds (series I 2008-09) an expected rating of AAA(ind)(SO), and affirmed its Rs.2 billion unsecured redeemable non-convertible taxable rupee bonds (series I 2007-08) at AAA(ind)(SO).

The outlook is stable.

The expected rating is based on the unconditional and irrevocable guarantee by the Government of India for the debt program, covering the full and timely payment of principal and all accrued simple interest, Fitch said.

The company, which is fully-owned by the government, was incorporated in January 2006 as a special purpose vehicle for providing long-term finance to commercially viable infrastructure projects, the agency said.

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