Fitch rates IRB Kolhapur loans A-(ind)

Fitch Ratings said it assigned IRB Kolhapur Integrated Road Development Co. Pvt Ltd.'s Rs. 2.58 billion senior project bank loans a national long-term rating of A-(ind)(SO).

The outlook is stable.

The agency said the rating is based on the credit substitution provided by an unconditional, absolute and irrevocable corporate guarantee for the punctual payment of debt service, provided by the project sponsor, IRB Infrastructure Developers Ltd., which has an A-(ind) rating and stable view.

Positive credit considerations at the project level include its low gearing D/E and a long concession tail of 20 years that allows ample scope for loan reschedulement, if required, Fitch said.

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