Kerala's post-flood rebuilding efforts get boost from Fitch, S&P's ratings

In a major boost to its redevelopment efforts, flood-ravaged Kerala Monday got a 'BB' rating with a stable outlook for its long-term foreign and local-currency debt from international rating agency Fitch. This is the second global rating for the state after a similar rating by the larger rival S&P on September 20. The ratings will help the state mop up overseas debt instruments at competitive prices. For both the agencies, this is their maiden rating on a state government in the country. Kerala is seeking over Rs 15,000 crore from the World Bank to rebuild itself after the worst deluge in its modern history in August, which ravaged the entire state and killed nearly 500 people. The floods lasting a fortnight was the worst in a century after the deluge of 1924. The World Bank had last week pegged the losses from the disaster at over Rs 31,000 crore. Rival agency S&P had in September given a similar rating to the various debt instrument of Kerala, helping it mop ..

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