Fitch lifts IRB Infrastructure

Fitch Ratings said it upgraded IRB Infrastructure Developers Ltd.'s long-term issuer default rating to BB+ from BB and removed the rating from rating watch positive. The agency also affirmed India Toll Roads’ dollar-denominated senior secured notes at BB.

“The upgrade of the rating on IRB reflects improvement in its financial profile after an equity infusion of Rs. 54 billion by Singapore sovereign wealth fund GIC and Cintra, a subsidiary of Ferrovial, SA (BBB/stable). IRB used the funds to prepay Rs. 32 billion of long-term debt and plans to use the remainder for growth capex, which will reduce pressure on the company's balance sheet,” Fitch said in a press release.

The outlook is stable.

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