Indian Railway Finance Corp.'s Euro MTN Program Rated 'BBB-'

SINGAPORE (S&P Global Ratings) March 15, 2019--S&P Global Ratings today 
assigned its 'BBB-' issue ratings to the newly established US$2 billion euro 
medium-term note (MTN) program of Indian Railway Finance Corp. (IRFC; 
BBB-/Stable/--). Our ratings are subject to our review of the final 
documentation related to the transaction.

Under the program, IRFC may issue notes in various currencies up to a maximum 
outstanding aggregate principal amount of US$2 billion. All notes issued under 
the program will constitute direct, unsubordinated, and unsecured obligations 
of IRFC and shall at all times rank pari passu and without any preference 
among themselves. The notes will be governed by and construed in accordance 
with English law.

IRFC may issue index-linked notes under the program. Under our rating 
criteria, we do not rate the notes if principal payments are linked to 
fluctuations in equity or commodity prices, or equity or commodity indices.

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