Fitch rates Municipal Corp. AA(ind)

Fitch Ratings said it assigned a national long-term issuer rating of AA(ind) to the Municipal Corp. of Greater Mumbai.

The outlook is stable.

The ratings reflect the city's well-diversified and growing economy, stable growth in tax revenue, low dependence on government grants and strong budgetary performance, Fitch said.

The outlook reflects an expectation that investment-driven economic growth will fuel revenue growth and generate surpluses required for building and improving civic infrastructure, the agency added.

Fitch also said it expects that increasing debt burden will remain manageable.

© 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.