Fitch rates Power Finance program BBB-

Fitch Ratings said it assigned Power Finance Corp. Ltd.’s upcoming $1 billion medium-term note program expected ratings of BBB-(EXP).

The program is rated in line with Power Finance’s long-term issuer default rating as issues under the program will constitute direct, unconditional, unsubordinated and unsecured obligations of Power Finance.

The program will be used for general corporate purposes of the company.

Power Finance’s ratings are equalized with those of India (BBB-/stable). Fitch said this reflects the company’s strategic importance, India's indirect support to the electricity sector in India and control through its majority stake.

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