Moody’s rates IRB notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to the planned eight-year dollar-denominated senior secured notes to be issued by IRB Infrastructure Developers Ltd.

IRB’s Ba1 corporate family rating and Ba2 senior secured rating are unchanged, the agency said.

The proceeds will be used to largely refinance the rupee-denominated non-convertible debentures, including the rupee-denominated debentures subscribed to by India Toll Roads, and term loans at the holding-company level. India Toll Roads had sold $300 million of senior secured notes due 2024, the proceeds from which were used to subscribe to IRB’s rupee-denominated non-convertible debentures.

The outlook is stable.

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