Fitch rates ITNL bonds BBB-

Fitch Ratings said it assigned ITNL Offshore Pte. Ltd.'s proposed CNY-denominated bonds an expected rating of BBB-. The amount is expected to be the equivalent of $100 million.

The bond's rating is linked to the rating of Export Import Bank of India (BBB-/stable), which has provided an unconditional and irrevocable guarantee of up to $114 million.

The rating is also supported by a debt service reserve account that amounts to one semi annual coupon payment and by a principal account of $4 million, according to the agency.

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