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S&P Rates IIFL Finance's Proposed US Dollar Notes B+

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S&P Global Ratings has placed IIFL Finance's proposed US dollar senior secured notes a B+ long-term issue rating, according to a recent release.

The company will draw down the notes from its $1 billion medium-term note program, which has the same rating, S&P said.

The notes' rating is equivalent to the company's long-term issuer credit rating, since they serve as the issuer's direct, secured, and unconditional obligations.

The notes will also at all times rank equally with the Indian finance company's other secured obligations.

The company should secure at least 100% asset coverage, excluding nonperforming assets, for the notes, the rating agency said.

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