Fitch Ratings has given a BB(EXP) expected rating to Muthoot Finance's (NSE:MUTHOOTFIN, BOM:533398) proposed US dollar senior secured bonds, according to a Monday release.
Fitch rated the proposed bonds equally as the nonbank financial company's long-term foreign currency issuer default rating.
Most of the India-based company's debt is secured, with unsecured debt, which can be issued abroad, only comprising a small share of its funding and not considered a main obligation, Fitch said.
Future actions on Muthoot Finance's rating would trigger similar actions on the proposed bonds.
The fixed-rate, semiannual bonds will be secured by collateral and are tied to maintenance covenants to meet regulatory capital requirements.
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