Fitch: Jaipur Municipal view to stable

Fitch Ratings said it revised Jaipur Municipal Corp.'s outlook to stable from positive and affirmed its national long-term rating at BBB+(ind).

The outlook revision is based on the company's slow progress in the implementation of projects under Jawaharlal Nehru National Urban Renewal Mission, moderate financial performance and continued high dependence on the Government of Rajasthan for revenue, Fitch said.

All projects are running behind schedule, the agency said, and the extent of delay varies from 12 months to 21 months.

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