Fitch rates IRFC's proposed US dollar notes as BBB-minus

Fitch assigned Indian Railway Finance Corporation Ltd's (IRFC's) proposed US dollar Regulation S/144A senior unsecured notes a rating of BBB-minus. The proposed notes are to be issued under the global medium-term note (GMTN) programme. IRFC has also proposed an increase in its GMTN programme to 4 billion dollars from 2 billion dollars. The original programme was last affirmed in June 2020.