Fitch affirms Power Finance

Fitch Ratings said it affirmed Power Finance Corp. Ltd.'s long-term foreign-currency issuer default rating at BBB-, national long-term rating at AAA(ind) and national short-term debt rating at F1+(ind).

The outlook is stable.

The ratings are equalized with those of the sovereign because of the very strong links between the company and the government, Fitch said.

The ratings also consider the company's consistent track record of recovery from borrowers, lower non-performing assets and strong profitability margins when compared to the overall banking industry in India, the agency said.

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