Fitch rates IRFC's proposed USD notes as BBB-minus

Fitch on Wednesday assigned Indian Railway Finance Corporation Ltd's (IRFC's) proposed US dollar Regulation S/144A senior unsecured notes a rating of BBB-minus. The proposed notes are to be issued under the global medium-term note (GMTN) programme.

IRFC has also proposed an increase in its GMTN programme to 4 billion dollars from 2 billion dollars. The original programme was last affirmed in June 2020. "The upsize will not affect the programme's long-term rating which is equalised with IRFC's issuer default rating," said Fitch.

The net proceeds from the proposed notes will be used for funding the acquisition of rail assets, which IRFC will lease to Indian Railways, and to meet debt-financing requirements of various entities in the Indian railway sector. (ANI)

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