India Ratings & Research (Ind-Ra) has assigned Reliance Infrastructure (R-Infra) Rs 10 billion non-convertible debenture (NCD) programme a final rating of 'AA(SO)'. The assignment of final rating follows the receipt of final documents conforming to information already received.

The Rs 10 billion NCD issue is part of the Rs 27.25 billion debt programme which was assigned an expected rating of 'AA(SO)(exp)' on Feb. 14, 2014. The rated facility is secured against regulatory asset collection (RAC) in R-Infra’s Mumbai distribution business.

The rating has been notched up from R-Infra's long-term issuer rating. This is because the Rs 10 billion debt programme is backed by the first and exclusive charge of investors on the proceeds of RAC from R-Infra's Mumbai electricity distribution business. Also, the utility nature of the underlying business, identified stream of unencumbered cash flow and limited commingling risk provide strength to the debt serviceability of the debt programme.

Shares of the company gained Rs 7.6, or 1.83%, to trade at Rs 422.05. The total volume of shares traded was 309,363 at the BSE (Tuesday).