Fitch affirms Morgan Stanley India program

Fitch Ratings said it has affirmed Morgan Stanley India Co. Private Ltd.'s 10 billion rupee short-term commercial paper program and 10 billion rupee short-term debt program at Fitch A1+(ind).

The instrument ratings principally factor in Fitch's expectation of strong and continued support from ultimate parent Morgan Stanley (A/stable), given Morgan Stanley India's position as a key component of the India franchise.

Fitch said it also takes comfort from the company's comfortable liquidity as funding requirements are mainly short-term and its assets are liquid in nature, with short-term fixed deposits with banks and investments in highly-rated and liquid money market mutual funds.

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