New Delhi, Jan 15 (PTI) Global rating agency Fitch on Monday assigned the 'BB(EXP)' rating to Shriram Finance Limited's proposed US dollar-denominated senior secured bonds.

'BB(EXP)' rating reflects that an issuer has some risk of default but is still a safer investment compared to others.

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The final rating is subject to the receipt of final documentation conforming to information already received, Fitch Ratings said in a statement.

Shriram Finance will issue the proposed bonds in the international market under the Reserve Bank of India's external commercial borrowing framework.

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The company will issue proposed bonds under the USD 3.5 billion global medium-term-note programme, which was updated on December 29, 2023.

The proposed bonds will carry a fixed-rate coupon payable semi-annually and secured by a fixed charge over specified accounts receivable in line with the company's domestic secured bonds.

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