Fitch Assigns National Ratings to Rain CII Carbon (India)

Fitch Ratings has today assigned Rain CII Carbon (India) Ltd (RCCIL) an 'A-(ind)' National Long-term rating, with a Stable Outlook. Fitch has also rated the following working capital revolvers totalling USD54.3m:

• Senior Secured Revolver Tranche E1 (export packing credit of USD15m): 'A-(ind)/F2+(ind)'; and
• Senior Secured Revolver Tranche E2 (USD39.3m, fungible between fund-based and non-fund based facilities): 'A-(ind)/F2+(ind)'.

For further details on the issuer, please refer the rating action commentary, entitled "Fitch Affirms Ratings of Rain CII Carbon (India) & Rain CII Carbon", released on 11 November 2009.

Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(ind)' for National ratings in India. Specific letter grades are not therefore internationally comparable.

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