TEXT-Fitch assigns AAA(SO)(ind) rating to Air India's NCDs

(The following statement was released by the ratings agency)

Feb 3 - Fitch Ratings has today assigned Air India Ltd's [AIN.UL] (Air India - formerly known as National Aviation Company of India Ltd) INR7,000m non-convertible debenture (NCD) programme a final 'AAA(ind)(SO)' rating.

The assignment of the final rating to the NCD programme is based upon the execution of the debenture trust deed and deed of guarantee and indemnity, conforming to information already received.

The rating reflects the absolute, unconditional and irrevocable guarantee extended by the Government of India (GOI, foreign currency Issuer Default Rating: 'BBB-'/Stable), which covers timely repayment of both principal and interest. The rating is further supported by the guarantee structure, which ensures due and timely payment of debt service. The guarantee is legal, valid and binding even in the event Air India goes insolvent and files for protection.

For further details, please refer to the rating action commentary, entitled, "Fitch Assigns Expected Ratings of 'AAA(ind)(SO)' to India's National Aviation Company's NCDs", dated 23 March 2010 and available at www.fitchratings.com.

By

NEHA JAIN

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