Fitch rates Indian Railway notes BBB-

Fitch Ratings said it assigned Indian Railway Finance Corp. Ltd.'s proposed Regulation S/144A dollar-denominated senior unsecured notes a rating of BBB-. The notes will be issued from the company's $2 billion global medium-term note program.

The proceeds will be used for funding the acquisition of rail assets, which the company will lease to Indian Railways and to meet the debt-financing requirements of various entities in the Indian railway sector.

Fitch classifies Indian Railway Finance as a government-related entity. “IRFC plays an important strategic role in India's railway sector because it is the sole financing arm of the country's ministry of railways, which is committed to cover any liquidity shortfall at IRFC,” Fitch said in a press release.

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