Fitch rates Pune Municipal AA-(ind)

Fitch Ratings said it assigned a national long-term issuer rating of AA-(ind) to Pune Municipal Corp.

The outlook is stable.

The rating reflects the strong economic profile and demography, good baseline financials, adequate levels of service delivery, potential to attract quality investments into the city, fairly diverse representation of industries and strong growth in Octroi as a means of revenue, Fitch said.

The outlook reflects an expectation that the city will manage its future debt program in a manner that will ensure the debt servicing ability is consistent with the rating level, the agency said.

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