S&P: National Highways Authority of India Proposed Medium-Term Note Program Rated 'BBB-'

S&P Global Ratings today assigned its 'BBB-' foreign currency issue rating to a proposed medium-term note program issued by the National Highways Authority of India (NHAI: BBB-/Stable/A-3). The rating on the notes reflects the long-term issuer credit rating on NHAI.

The maximum aggregate nominal amount of all notes outstanding under the program at any time will not exceed Indian rupees 250 billion (or its equivalent in other currencies), subject to the increase as described in the terms of the programme agreement. The proposed notes will constitute NHAI's direct, unconditional, unsubordinated, and unsecured obligations. The notes will rank equally to each other and with all of the company's other present and future unsecured and unsubordinated obligations. NHAI will use the proceeds from each notes issue for general corporate purposes.

The above assigned rating does not apply to securities, which may be issued under the above referenced programme with certain types of variable principal payments linked to commodity prices, equity prices, or indices linked to either commodity or equity prices, as per S&P Global Ratings rating criteria.

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