Kerala Infrastructure Investment Fund Board (KIIFB), the primary government agency for financing large and critical infrastructure projects in Kerala, has set up a global Medium Term Note (MTN) programme to raise Rs 50,000 million from the international markets. The KIIFB has also undertaken a detailed rating exercise through two international credit rating agencies – Standard and Poor’s (S&P) and Fitch Ratings (Fitch).
The ratings for KIIFB have been regularised with the rating agencies’ assessment of the credit profile of the state of Kerala. Both S&P and Fitch have assigned KIIFB a long-term foreign currency rating of BB with ‘stable’ outlook.
With this Kerala has become the first state to get a international credit rating and to tap the international debt capital markets. For this programme, Axis Bank and Standard Chartered Bank are dealers for the MTN Programme, while DLA Piper and Cyril Amarchand Mangaldas are the international legal counsel and domestic legal counsel.