Moody’s withdraws NHAI’s ratings

Credit rater Moody’s Investors Service on Wednesday said it has withdrawn the National Highways Authority of India’s (NHAI) Baa3 issuer rating and (P)Baa3 senior unsecured medium-term note programme rating.Prior to the withdrawal, the outlook on the issuer was stable.According to Moody’s, it has decided to withdraw the ratings for its own business reasons.The NHAI was constituted by an Act of Parliament, the National Highways Authority of India Act, 1988.Being 100 per cent owned by the Centre, the NHAI operates under the Ministry of Road Transport and Highways and is responsible for the development, maintenance and management of the national highways entrusted to it.