Fitch affirms Infrastructure Development Finance

Fitch Ratings said it affirmed Infrastructure Development Finance Co. Ltd.'s long-term foreign-currency issuer default rating of BBB-, along with its national long-term rating at AAA(ind), Rs. 90 billion non-convertible debentures at AAA(ind), Rs. 15 billion zero-coupon bonds at AAA(ind) and Rs. 370 billion long-term debt program at AAA(ind).

The ratings reflect the company's track record of strong capitalization and profitability that currently mitigates the concentration and credit risks inherent in its infrastructure financing business, Fitch said.

The ratings also benefit from robust demand for infrastructure in India's growing economy that has kept credit losses in the sector lower than most other loan categories, the agency said.

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