Fitch assigns IRB Infrastructure notes BB+

Fitch Ratings said it assigned IRB Infrastructure Developers Ltd.'s planned U.S. dollar senior secured partially amortizing notes due 2032 an expected BB+ rating.

The company’s issuer default rating is BB+.

IRB will use the proceeds to refinance the Indian rupee-denominated non-convertible debentures, including the debentures subscribed to by India Toll Toads, and term loans at the holding-company level. Around $60 million will be used by IRB to repay some of its inter-company loans, which will be an incremental debt on IRB stand-alone.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.