Moody's withdraws NHAI ratings for business reasons

Moody's Investors Service on Wednesday said it has withdrawn the National Highways Authority of India's issuer rating and senior unsecured medium-term note program rating for business reasons. Prior to the withdrawal, the agency said the outlook on the issuer was stable.

The agency said it has "withdrawn National Highways Authority of India's (NHAI) Baa3 issuer rating and (P) Baa3 senior unsecured medium-term note program rating".

"Moody's has decided to withdraw the ratings for its own business reasons," it added.

NHAI was constituted by an Act of Parliament -- the National Highways Authority of India Act, 1988.

It is 100 per cent owned by the government. NHAI operates under the Ministry of Road Transport and Highways (MoRTH) and is responsible for the development, maintenance and management of the national highways entrusted to it.