Fitch rates Indian Railway bonds BBB-

Fitch Ratings said it assigned an expected BBB- rating to Indian Railway Finance Corp.'s proposed $300 million bonds.

The rating is aligned with the company's long-term issuer default rating of BBB-. The outlook is negative.

IRFC was incorporated to raise funds from debt capital markets to finance the acquisition of new rolling stock to meet the developmental needs of the Indian railway system administered by the Ministry of Railways, Fitch said.

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