Fitch affirms Indian Railway

Fitch Ratings said it affirmed Indian Railway Finance Corp. Ltd.'s long-term foreign and local currency issuer default ratings at BBB- with a negative outlook.

The agency said it also affirmed the company's national long-term rating at Fitch AAA(ind) with a stable outlook and its national short-term rating at Fitch A1+(ind).

The ratings are credit-linked to the ratings of the Republic of India given the company's legal and funding linkages with the Ministry of Railways.

Fitch said it has classified the company as a dependent public sector entity. The company's strategic policy is dictated by the government of India and it is tightly monitored and controlled by the sovereign.

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