Infrastructure debt fund gets ‘AAA’ Crisil rating
India’s infrastructure debt fund gets ‘AAA’ Crisil rating
On 5th july, 2013 Crisil assigned ‘AAA’ rating to infradebt ltd., which is India’s first infrastructure debt fund. Infradebt ltd. becomes the first Infrastructure Development Fund(IDF) under the Non Banking Financial Company structure(NBFC) to get ‘CRISIL AAA’ credit rating. CRISIL AAA rating indicates “Highest safety”.
As said by shri Arvind Mayaram, Secretary ,Department of Economic Affairs, Ministry of Finance. There is a requirement of about one trillion dollar for infrastructure sector out of which half of which is to come from private sector. In order to promote foreign investment there has been meeting with officials of Kuwait Investment Authority, Abu Dhabi investment authority and various other sovereign wealth funds.
Ms. Chanda Kochhar ,MD&CEO of ICICI bank, mentioned that the rating would enable infradebt to access long-term funds for Indian infrastructure sector at low interest rates from domestic markets as well as pension and insurance funds.