Fitch: Religare notes AAA(ind)

Fitch Ratings said it assigned an expected rating of AAA(SO)(ind) to Religare Enterprises Ltd.'s proposed Rs. 5 billion secured non-convertible debentures due Aug. 19, 2019.

The outlook is stable.

The rating reflects that its credit risks are driven by the two key counterparties - Aegon NV and Royal Bank of Scotland NV, Fitch said.

The proposed debentures are secured by the assignment of certain rights and benefits available to Religare Enterprise under its joint venture agreement with Aegon India Holdings BV, Aegon International BV and RHC Holdings Pvt. Ltd.

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