Fitch affirms Nagpur bond

Fitch Ratings said it affirmed Nagpur Municipal Corp.'s Rs. 217 million long-term bond issue at Fitch AA(ind)(SO).

The outlook is stable.

The rating reflects Nagpur's consistent record of generating revenue surpluses since 2004, the agency said. Its operating revenue grew 24.1% year over year to Rs. 6.47 billion in the fiscal year ended March 31, 2011, higher than the compounded annual growth of 13.6% over fiscal 2007 through 2010.

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