Fitch ups Indian Farmers outlook to stable

Fitch Ratings said it revised the outlook on Indian Farmers Fertiliser Cooperative Ltd.'s national long-term rating to stable from negative and simultaneously affirmed the rating at AA(ind).

The agency said it has also affirmed the ratings on Indian Farmers' bank facilities as follows: Rs. 9.43 billion long-term bank loans, reduced from Rs. 11.42 AA(ind); Rs. 170 billion fund-based & non-fund based bank facilities at AA(ind)/F1+(ind); and Rs. 1 billion commercial paper program at F1+(ind).

The revision in outlook to stable is based upon the government of India's consistent track record in meeting its fertilizer subsidy obligations, the agency said.

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