S&P rates Indian Railway Finance notes BBB-

Standard & Poor's said it assigned a BBB- foreign-currency issue rating to a proposed issue of senior unsecured notes by Indian Railway Finance Corp.

The outlook is negative.

The potential size of the dollar-denominated five-year notes is about $300 million.

The rating on the notes reflects the long-term counterparty credit rating on the company, S&P said.

The proposed notes will constitute direct, unconditional, unsecured and unsubordinated obligations of Indian Railway Finance.

They shall at all times rank at par among themselves and with all other unsecured obligations of the company, the agency said.

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