Fitch rates Infrastructure Development debt AAA(ind)

Fitch Ratings said it assigned a national long-term rating of AAA(ind) to Infrastructure Development Finance Co. Ltd.'s Rs. 30 billion debt program. The agency said it affirmed its AAA(ind) national long-term rating and AAA(ind) ratings on its existing Rs. 60 billion non-convertible debentures and its Rs. 15 billion zero-coupon bonds.

The outlook is stable.

The ratings reflect the company's strong capitalization, better profitability than other commercial banks and robust risk management practices, Fitch said.

The company began operations with a large capital base, the agency said, and in spite of rapid expansion of the loan portfolio, its equity/assets ratio has remained among the highest for banks and finance companies in India.

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