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Fitch rates Morgan Stanley India debt AAA(ind)
Fitch Ratings said it assigned Morgan Stanley India Capital Pvt. Ltd. national long-term rating of AAA(ind), short-term rating of F1+(ind), along with a national long-term rating of AAA(ind) on its Rs.10 billion long-term debentures and a national short-term rating of F1+(ind) on its Rs.10 billion short-term debt program.
Morgan Stanley India is a fully-owned subsidiary of Morgan Stanley, USA (rated long-term issuer default rating of AA- with negative outlook).
Morgan Stanley India's ratings are at the highest national rating levels, driven solely by the explicit commitment of support extended by its parent, Fitch said.
Continuance of this support would be critical as Morgan Stanley India is a start-up and unlikely to have a standalone credit profile commensurate with its current rating level, the agency added.
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