Fitch gives National Aviation program AAA(ind)

Fitch Ratings said it has assigned an expected national long-term rating of AAA(ind)(SO)(exp) to National Aviation Co. of India Ltd.'s proposed Rs. 7 billion non-convertible debenture program.

The final rating is contingent upon receipt of final documents conforming to information already received, the agency said, adding that the rating reflects absolute, unconditional and irrevocable guarantee extended by the government of India (foreign currency issuer default rating, BBB-/stable), which covers for both timely repayment of principal and interest.

The rating is further supported by the guarantee structure, which ensures due and timely payment of debt service, Fitch added.

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