Fitch rates IL&FS debt AAA(ind)

Fitch Ratings said it assigned an AAA(ind) rating to IL&FS Financial Services Ltd.'s Rs. 2 billion of long-term debt and affirmed its A+(ind) national short-term rating and the A1+(ind) rating assigned to its Rs. 7 billion of short-term debt.

The agency also affirmed parent company Infrastructure Leasing & Financial Services Ltd.'s national long-term rating at AAA(ind) with a stable outlook, its national short-term rating at A1+(ind), its long-term debt and subordinated debt at AAA(ind) and its short-term debt at A1+(ind).

Infrastructure Leasing's ratings reflect its strong financial profile based on an established franchise and management expertise in India's infrastructure sector, Fitch said.

The company's leverage is growing, but Fitch expects it to fall by March due to expected sizeable divestments in the power business.

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