Fitch affirms IRB Surat-Dahisar Tollway

Fitch Ratings said it affirmed IRB Surat-Dahisar Tollway Pvt Ltd.'s senior project bank loans at BBB(ind).

The outlook is stable.

IRB-SDTPL is a special purpose vehicle incorporated to implement a lane expansion project with a 12-year concession from the National Highways Authority of India, Fitch said.

The rating is supported by the credit enhancement provided by the company's corporate guarantee, the agency said.

The guarantee provides credit enhancement instead of credit substitution value for the bank loan, as it is structured to support recovery value in a post-payment default scenario, Fitch said.

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