ICRA attributes highest credit quality rating to GB/DP of IIFCL

New Delhi, Sep 25 (UNI) Credit rating agency ICRA today assigned the highest-credit-quality rating--LAAA (SO)--to the Rs 5 billion Guaranteed Bonds/debt programme (GB/DP) of a wholly Government-owned India Infrastructure Finance Company Ltd (IIFCL).

The rating also takes into account the strategic importance of IIFCL as a key institution to facilitate infrastructure development in the country and its sovereign ownership.

It is subject to IIFCL's compliance with the terms of the structure/repayment mechanism stipulated by ICRA to ensure timely servicing of the rated Bonds/Debt.

The rating is based on an unconditional and irrevocable guarantee issued by the Ministry of Finance, Department of Economic Affairs, GoI ensuring that all repayment obligations are met in a timely manner.

IIFCL is a wholly Government-owned company which has the authorised capital of Rs 100 crore. Presently, it has paid up capital of Rs 10 crore.

UNI SBA RA KN1630