Fitch: Highways Authority of India bonds AAA(ind)

Fitch Ratings said it affirmed National Highways Authority of India's national long-term rating and the rating on its Rs. 80 billion long-term debt program at AAA(ind).

The outlook is stable.

Under the long-term debt program, the company already issued capital gain tax bonds and bonds issued in 2007 and 2008 have been paid in full, Fitch said.

The agency also said it has withdrawn the AAA(ind) rating on its Rs. 3.05 billion long-term bonds (2008) and affirmed its Rs. 16.3 billion long-term bonds (2009) at AAA(ind), Rs. 11.54 billion long-term bonds (2010) at AAA(ind) and Rs. 20 billion long-term bonds (2011) at AAA(ind).

The agency said it assigned AAA(ind) ratings to the proposed Rs. 19 billion of long-term bonds (2012): and proposed Rs. 100 billion tax free bonds (2012).

The outlook is stable.

The ratings factor in the strong linkages between the company and the Government of India, evidenced by the substantial support through fuel cess and grants, besides its statutory status, Fitch said.

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