Moody’s rates NHAI program Baa2

Moody's Investors Service said it assigned a provisional Baa2 rating to National Highways Authority of India's (NHAI) Rs. 250 billion medium-term note program.

Any notes issued under the program will rank pari passu with all other senior unsecured debt issued by NHAI.

The provisional rating assigned is in line with NHAI's existing Baa2 issuer rating.

Moody’s said the provisional Baa2 rating primarily reflects its assessment of the very high likelihood that the authority will receive support from the Government of India (Baa2 stable) in a distress situation.

The rating considers the government's track record of providing direct funding to NHAI, and recognizes the very close operational and financial links between NHAI and the government, the agency added.

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