Moody's rates Indiabulls notes Ba1

Moody's Investors Service said it assigned provisional Ba1 long-term foreign- and local-currency senior secured ratings to Indiabulls Housing Finance Ltd.'s $1.5 billion euro medium-term note program.

Moody's also said it assigned a Ba1 foreign-currency rating to the proposed senior secured notes.

The ratings are in line with the company's Ba1 corporate family rating, the agency said.

The senior secured notes are rated the same as the corporate family rating because secured debt forms the predominant portion of the company's debt, Moody's said.

The notes issued under the program constitute the issuer's direct, general and unconditional obligations and will be secured by, among other things, a first ranking charge over all the current assets of the issuer, the agency said.

The ratings are driven by the company's high profitability and capital and healthy asset quality, Moody's said.

The ratings are offset by the company's relatively weak funding and liquidity, the agency said.

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