Standard & Poor's Ratings Services today assigned its 'BBB-' long-term rating to the USD 1 billion medium-term notes program by Power Finance Corp Ltd. (PFC; BBB-/Stable/--). The program will comprise only senior unsecured notes with a negative pledge clause. The rating on the notes reflects the counterparty credit rating on PFC.

The notes issued under the program will constitute direct, unconditional, unsecured, and unsubordinated obligations of PFC. They shall at all times rank pari passu among themselves and with all other unsecured obligations of the company (except for certain obligations preferred by law). They will rank higher than all subordinated obligations of PFC.

PFC may issue index-linked notes under the program. According to Standard & Poor's rating criteria, we do not rate bonds if principal payments are linked to fluctuations in equity or commodity prices, or equity or commodity indices.