Fitch affirms Mira Bhayandar

Fitch Ratings said it affirmed the national long-term rating of Mira Bhayandar Municipal Corp. at A-(ind).

The outlook remains stable.

The affirmation takes into account its moderate financial and civic delivery performance, Fitch said, and the reasonable progress in implementing projects envisaged under the Jawaharlal Nehru National Urban Renewal Mission.

Though a reduction in the size of its capital investment plans and a delay in getting projects off the ground have allowed it more head room in terms of debt bearing and repaying capacity, Fitch said it is concerned that this can have a long-term impact on the corporation's ability to implement vital civic infrastructure outside of the project umbrella.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.