India Toll Roads (ITR) is held by a belief.
“Moody’s Traders Service has assigned a definitive Ba2 score to the three.5-year USD300 million senior secured notes issued by ITR,” Moody’s mentioned in a press release.
The outlook for the score is steady, it mentioned.
The proceeds from the USD issuance are used principally to fund ITR’s buy of onshore senior secured non-convertible debentures (NCDs)issued by
, the assertion mentioned.
IRB, in flip, used the proceeds primarily to refinance present debt, to fund capital expenditure and for common company functions, it added.
The Ba2 score for the USD bonds elements in subordination dangers for USD bondholders primarily as a result of debt service is reliant on holding firm money flows and safety supplied for the rupee NCD is in relation to a key asset which already has venture finance debt.