Fitch rates Infrastructure Development bonds AAA

Fitch Ratings said it assigned national long-term ratings of AAA(ind) to Infrastructure Development Finance Co. Ltd.'s Rs. 35 billion non-convertible debenture program and zero-coupon bonds program of face value Rs.15 billion. The agency also affirmed the company's AAA(ind) national long-term and its existing Rs. 25 billion debt program ratings.

The outlook is stable.

The ratings reflect the company's strong financials compared to commercial banks and financial institutions in India, the agency said. The rising interest rate could put pressure on the company's net interest margin. While the asset quality ratios could also be affected, Fitch said, the company's skills in project appraisal, debt structuring and monitoring of infrastructure loans is expected to help the company manage delinquencies.

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