Moody's gives Indian Railway notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the proposed dollar-denominated benchmark senior unsecured notes to be issued by Indian Railway Finance Corp. Ltd. (Baa3 stable).

The proposed notes are expected to have a five-year maturity and will be listed on the Singapore Stock Exchange.

The net proceeds of the issue will be used to finance the purchases of rolling stock such as locomotives and wagons, which will be leased to India's Ministry of Railways.

The outlook is stable.

Moody's said the Baa3 rating is derived from Indian Railway's Baa3 long-term foreign currency issuer rating, as the notes will constitute the senior unsecured obligations of Indian Railway and will rank pari passu among themselves and equally with the company's other senior debt.

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