Fitch Ratings has assigned a BBB- rating to Power Finance's (NSE:PFC, BOM:532810) regulation S senior unsecured US dollar bond, according to a recent release.
The notes' rating is equivalent to the India-based company's long-term issuer default rating, being issued under its $8 billion medium-term note program and serving as its direct, unconditional and unsecured obligations.
The notes also rank equally at all times with the company's other outstanding unsecured and unsubordinated obligations, Fitch said.
Changes in India's sovereign rating would lead to similar actions on that of the company, in turn leading to similar moves for the notes, Fitch said.