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India Ratings & Research (Ind-Ra) has rated Bangalore Metro Rail Corporation Ltd’s (BMRCL) proposed bonds at ‘IND AA (exp)’.
While rating BMRCL’s debt, Ind-Ra looked at the memorandum of understanding entered into by the equity holders and developers — Government of India, Government of Karnataka and BMRCL.
The agreement very lucidly defines the responsibilities of the two sponsors — Government of India and Government of Karnataka. Any cost overruns on the project will be borne by both the sponsors, the proportion of which will be decided by a committee consisting of central and state civil servants.
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