Fitch rates 13 civic bodies

Fitch has assigned ratings to 13 municipal corporations including Greater Mumbai'AA(ind)', Navi Mumbai'AA(ind) Pune 'AA-(ind)'.

"By providing investors, bankers and other market participants with independent credit opinions, Fitch believes that it could lead to the creation of a municipal bond market in India," said managing director William Streeter.

The ratings were commissioned by the Jawaharlal Nehru National Urban Renewal Mission, which aims to boost reforms and fast-track the development of cities. This initiative envisages a capital expenditure of over Rs 1,20,000 crore till 2011-12.