Fitch rates Indian Railway notes BBB-

Fitch Ratings said it assigned Indian Railway Finance Corp. Ltd.'s proposed dollar-denominated notes an expected rating of BBB-(EXP).

The rating is aligned with the company's long-term issuer default rating of BBB-, which has a stable outlook.

Fitch said Indian Railway's 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.

As such, the company has been classified as a dependent public sector entity under Fitch's criteria and the ratings are credit linked to that of the sovereign, the agency said.

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