Fitch Ratings has assigned
The notes will be issued from PFC's existing
The rating is contingent upon the receipt of final documents conforming to information already received and details regarding the amount, coupon rate and maturity.
KEY RATING DRIVERS
The programme rating is aligned with PFC's Issuer Default Rating (IDR) on the basis that the notes issued under the programme will constitute direct, unconditional and unsecured obligations of PFC and rank pari passu with all its other present and future outstanding unsecured and unsubordinated obligations.
Fitch classifies PFC as a government-related entity (GRE) under our Government-Related Entities Rating Criteria with a high overall support score of 50. We believe it has strong linkages with the state in light of the company's strategic role in supporting
Factors that could, individually or collectively, lead to positive rating action/upgrade:
Revision of the Negative Outlook on the sovereign rating to Stable could lead to the Outlook on PFC being changed to Stable from Negative.
Factors that could, individually or collectively, lead to negative rating action/downgrade:
A weakening of the sponsor's incentive to support PFC or weakened links with the sponsor, resulting in an overall support score below 45, combined with a deterioration of the SCP, could result in a downgrade in the company's IDR;
Negative rating action on PFC's IDR would result in similar action on the ratings of the programme and the rated notes.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
DATE OF RELEVANT COMMITTEE
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS PFC's ratings are credit-linked to the Indian sovereign ratings.
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
LT BBB- New Rating
VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
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