The rating also draws comfort from the guarantee structure, which provides for the due and timely payment of debt service, as the guarantee is legal, valid and binding even in the event AICL
goes bankrupt and files for protection, Fitch added.
These are ABL, AHC, AHL, ACPL, AICL
, ASBL, Amtex Ltd, ANL, APL, ATRL, BAFL, BAHL, BOP, BYCO, CPL, DGKhan, ECCL, EPL, FABL, FCCL, FFBL, FFC, GGL, HBL, HUBCO, ICI, JSCL, KAPCO, Lucky Cement, MCB, MTL, NBP, NCL, NML, NPL, NRL, NTL, OGDC, PEL, PRIL, POL, PPL, PSO, PTCL, SNGPL, SPL, SSGC, Thal, TCL, TRG and UBL.
CRISIL's rating on the non-convertible debenture programme (NCD) of Air India Charters Ltd (AICL
) continues to reflect the strength of the credit enhancement facility provided by a comprehensive, unconditional, and irrevocable guarantee from the Government of India (GoI) through the Ministry of Civil Aviation, and a trustee-administered payment mechanism.