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S&P assigns stable rating to PFC's proposed USD notes

It assigned 'BBB-' long-term issue rating to a proposed issue of US dollar denominated senior unsecured notes by the company

Press Trust of India  |  New Delhi 

Standard & Poor's Ratings Services today assigned its 'BBB-' long-term issue rating to a proposed USD denominated unsecured notes by the state-run Power Finance Corporation (PFC).

"Standard & Poor's Ratings Services assigned its 'BBB-' long-term issue rating to a proposed issue of US dollar denominated senior unsecured notes by Power Finance Corp (PFC: BBB-/Stable/--)," Standard & Poor's Ratings Services said in a statement.

'BBB-' is a stable rating and the notes shall at all times rank at par among themselves and with all other unsecured obligations of the company, it added.

The rating on the notes reflects the long-term counter-party credit rating on PFC, it said.

The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of PFC.

The rating on the notes is subject to our review of the final issuance documentation, it added.

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First Published: Thu, June 18 2015. 15:02 IST