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-Fitch rates Indian Railway Finance's offshore bond at BBB-.

M2 EQUITYBITES-May 12, 2011--Fitch rates Indian Railway Finance's offshore bond at BBB-(C)2011 M2 COMMUNICATIONS http://www.m2.com

12 May 2011 - Fitch set on Thursday a final BBB- rating with a "stable" outlook to the USD200m (EUR140.6m) offshore bond issue of Indian Railway Finance Corp Ltd (IRFC).

The assignment follows a review of the offering circular, the service specified said.

The Reserve Bank of India has accorded its approval to IRFC for raising USD200m via external commercial borrowings, Fitch said.

The borrowing adds to the external commercial borrowing raised by IRFC via 15-year senior unsecured term loans of JPY12bn (EUR147.9m/EUR104m).

Rating agency website: www.fitchratings.com

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Publication:M2 EquityBites (EQB)
Date:May 12, 2011
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