Fitch affirms India Infrastructure

Fitch Ratings said it affirmed the national long-term ratings on India Infrastructure Finance Co. Ltd.'s Rs. 2 billion of unsecured redeemable non-convertible taxable rupee bonds (series I 2007-08) at AAA(ind)(SO), Rs. 4 billion of unsecured redeemable non-convertible taxable rupee bonds (series I and II 2008-09) at AAA(ind)(SO) and Rs. 100 billion of unsecured redeemable non-convertible tax-free rupee bonds (series I 2008-09) at AAA(ind)(SO).

The ratings are based on the unconditional and irrevocable guarantee issued by the government of India for the company's rated debt programs, covering the full and timely payment of principal and all accrued interest.

The government has been extending budgetary support to help the company effectively discharge its role of supplementing infrastructure loans provided by banks and other institutions, the agency said.

The government also has envisaged a role for the company for refinancing and for extending take-out financing, Fitch said.

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