Fitch rates Power Grid notes BBB-

Fitch Ratings said it assigned Power Grid Corp. of India Ltd.'s $500 million 3 7/8% notes due 2023 a final rating of BBB-.

The assignment of the final rating follows a review of the final documentation materially conforming to the draft documentation previously received.

Power Grid is rated a notch below its standalone credit profile of BBB, due to constraint by the BBB- issuer default rating of its 69.4% owner, the state of India, which is on negative outlook.

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