-Air-India Charters' debenture programme earns final AAA(ind)(SO) rating from Fitch.
M2 EQUITYBITES-February 3, 2011--Air-India Charters' debenture programme earns final AAA(ind)(SO) rating from Fitch(C)2011 M2 COMMUNICATIONS http://www.m2.com
3 Februiary 2011 - Fitch set on Thursday a final AAA(ind)(SO) rating to the INR950m (USD20.8m/EUR15.1m) non-convertible debenture (NCD) programme of Indian carrier Air-India Charters Ltd (AICL).
The final rating factors in the execution of the debenture trust deed and deed of guarantee and indemnity, coinciding with the information already obtained, the agency said.
The rating takes into account the absolute, unconditional and irrevocable guarantee extended by the Government of India, which ensures the timely repayment of both principal and interest.
The rating also draws comfort from the guarantee structure, which provides for the due and timely payment of debt service, as the guarantee is legal, valid and binding even in the event AICL goes bankrupt and files for protection, Fitch added.
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|Date:||Feb 3, 2011|
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