(The following statement was released by the rating agency)
Oct 03 - Fitch Ratings has assigned Indian Railway Finance Corporation's (IRFC) proposed USD300m bonds an expected rating of 'BBB-(EXP)'. The rating is aligned with IRFC's Long-Term Issuer Default Rating (IDR) of 'BBB-' which has a Negative Outlook.
The final rating of the USD bond issue is contingent upon the receipt of final documents conforming to information already received.
IRFC was incorporated to raise funds from debt capital markets to finance the acquisition of new rolling stock to meet the developmental needs of the Indian railway system administered by the Ministry of Railways.
Established in 1986, IRFC is registered as a notified public financial institution under the Companies Act, 1956 and as a non-banking finance company and asset finance company under the Reserve Bank of India (RBI) Act, 1934.