Fitch affirms National Capital

Fitch Ratings said it affirmed National Capital Region Planning Board's national long-term rating at AAA(ind) and its Rs. 2 billion of redeemable and non-convertible taxable bonds 2018 at AAA(ind).

The outlook is stable.

The ratings benefit from National Capital's federal government ownership and its strong financial and operational linkages with the latter, the agency said. The board dispenses loan to vital development organizations in the region and in counter magnet areas.

The ratings derive comfort from the board's ability to book profits despite maintaining negative spreads on the loans, the agency added. The board reported an increase of 25.83% in profit in FY10 as opposed to a 23.63% decline in profit in FY09.

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