The ratings indicate highest safety in terms of timely payment of interest and principal on the bonds.
Debt servicing obligations on the two proposed bond programmes are guaranteed by Government of India (GoI) through the ministry of railways (MoR).
The repayment obligations on the existing bond programmes are supported by letters of comfort from the GoI through the MoR.
A trustee-monitored payment mechanism would be put in place to ensure timely payment of interest and principal obligations on the proposed bond programmes as is currently being followed for the existing bond issues.
State Bank of India (SBI), which is the trustee for the existing bonds, would fulfil this role on the proposed bonds as well.
Crisil has also assigned P1+ rating, indicating highest safety, to Hyundai Motor India Ltds Rs 50-crore commercial paper. The rating reflects the strong marketing skills of the company which have enabled it to emerge as the brand leader in both the B and C segments of the domestic car market, Crisil said.
Crisil has assigned AA- rating to the Lafarge India Ltds Rs 55 crore non-convertible debenture programme.
The rating reflects the inherent credit profile of its parent, Lafarge SA, whose support in terms of ownership, management, funding and technology is the key driver of Lafarge Indias ratings.