S&P ups Indian Railway Finance to BBB-

Standard & Poor's said it raised its long-term foreign- and local-currency issuer credit ratings of the Indian Railway Finance Corp. to BBB- from BB+.

The outlook is stable.

The changes ensue from the upgrade in the ratings of the Republic of India to BBB-/stable/A-3.

The ratings reflect the company's integral relationship with the government of India, as Indian Railway Finance is the only agency that provides market funding for purchase of rolling stock locomotives, passenger coaches and freight wagons. The company's operations and management are closely intertwined with Indian Railways, the agency said.

Indian Railway Finance also enjoys a strong position in the Indian debt market, which allows it to tap additional funds at competitive rates, S&P said.

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