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Fitch lifts Indian Railway view to stable
Fitch Ratings said it revised the outlook on Indian Railway Finance Corp. Ltd.'s long-term foreign- and local-currency issuer default ratings to stable from negative and affirmed its issuer default ratings at BBB-.
The agency also said it affirmed the company's ¥12 billion term-loan at BBB-, ¥3 billion term-loan at BBB-, $200 million bond at BBB- and $300 million bond at BBB-.
The action follows the revision of the outlook on India's foreign- and local-currency issuer default ratings to stable from negative.
The ratings reflect the entity's public sector status, government ownership and strong operational and strategic ties with the government of India, resulting in a strong likelihood of extraordinary government support if needed, Fitch said.
The ratings derive strength from Ministry of Railway's ongoing support as evidenced by regular equity injections into Indian Railway since its formation, the agency said.
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