Fitch ups Maharashtra Patbandhare

Fitch Ratings said it upgraded Maharashtra Patbandhare Vittiya Co. Ltd.'s series II and series III long-term debt program ratings to A(ind)(SO) from A-(ind)(SO), as well as its series IV program ratings to A-(ind)(SO) from BBB+(ind)(SO).

The outlook is stable.

The upgrades are based on the agency equating the bond's rating with the Government of Maharashtra's underlying credit quality in line with the approach adopted for other similarly guaranteed issues by India's state government-owned corporations, Fitch said.

The upgrades reflect the company's bond service payment record over the last seven years and the functioning of the trustee-monitored structured payment mechanism, the agency said.

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