Fitch gives Manappuram notes BB-

Fitch Ratings said it assigned Manappuram Finance Ltd.’s proposed dollar-denominated notes to be sold under the company’s $750 million medium-term note program a BB- rating. Fitch assigned the program a BB- rating.

Proceeds will be used for onward lending and general corporate purposes.

The notes will be secured by collateral and rank equally and without any preference among themselves. Collateral includes all the issuer’s standard assets, stage-one assets and stage-two assets, and excludes all non-performing assets or stage-three assets. The notes are also subject to maintenance-based covenants that require MFIN to ensure the security coverage ratio at equal or greater to 1x, Fitch said.

The outlook is stable.

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