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Published on 9/5/2008 in the Prospect News Emerging Markets Daily.

Fitch rates Caterpillar India AAA(ind)

Fitch Ratings said it assigned a national issuer rating of AAA(ind) to Caterpillar India Pvt. Ltd., along with an AAA(ind) rating to its long-term bank loan limit aggregating Rs. 300 million and AAA(ind)/F1+(ind) ratings to its Rs. 3830 million cash credit limits interchangeable with non-fund-based limits.

The outlook is stable.

All of the debt is unconditionally guaranteed by Caterpillar Inc., the parent of the wholly owned subsidiary. Caterpillar is rated A+/F1 with stable view.

The ratings reflect the strong demonstrated support from the legal, operational and strategic linkages with its parent, Fitch said, which is increasingly focusing on new markets such as India for growth opportunities.

But because ratings are derived from the outstanding ratings of its parent, any major deterioration in its credit profile or material weakening of the linkages between the two could act as a negative rating trigger, the agency said.


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