Fitch revises HUDCO's outlook to negative from stable; IDRs at 'BBB-'

Fitch said it has not assigned HUDCO a standalone credit profile as it is difficult to detach the entity from the government framework in which it operates

Credit rating agency Fitch has revised the outlook on state-owned Housing and Urban Development Corporation Ltd (HUDCO) to negative from stable.

The long-term Issuer Default Ratings (IDRs) have been affirmed at 'BBB-'.

"The rating action follows the revision in the outlook on India's 'BBB-' sovereign rating to negative from stable on June 18, 2020, as HUDCO's rating is credit-linked to that of India," Fitch Ratings said in a statement.

HUDCO is a policy institution that provides housing finance and non-commercial urban infrastructure financing. It is regulated by the National Housing Bank (NHB) and is under the administrative control of the