Fitch affirms Rural Electrification

Fitch Ratings said it affirmed Rural Electrification Corp. Ltd.'s long-term foreign- and local-currency issuer default ratings at BBB- and national long-term rating at Fitch AAA(ind) with stable outlooks, its foreign-currency senior debt at BBB-, its long-term debt at Fitch AAA(ind) and its short-term debt/commercial paper at Fitch A1+(ind).

The agency also assigned a Fitch AAA(ind) rating to Rural Electrification's Rs. 300 billion annual borrowing program for the financial year 2012-2013 and a Fitch A1+(ind) rating to its Rs. 25 billion short-term debt/commercial paper program.

Rural Electrification's ratings reflect Fitch's expectation of continued support from the government of India (BBB-/stable) given the strong linkages between the two entities.

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