Question
Under the “Credit Enhancement Scheme”, IIFCL
provides credit enhancement by way of unconditional and irrevocable partial credit guarantee to enhance the credit rating of the proposed bonds. What is the maximum partial credit guarantee that IIFCL extends under this scheme?Solution
IIFCL will provide credit enhancement by way of unconditional and irrevocable partial credit guarantee to enhance the credit rating of the proposed bonds under its “Credit Enhancement Scheme”, to commercially viable infrastructure projects. Extent of Credit Enhancement · IIFCL can extend partial credit guarantee to the extent of 20% of Total Project Cost (up to 40% of Total Project Cost with a backstop guarantor/risk sharing partner). · However, total exposure of IIFCL will be a maximum of 20% of the Total Project Cost including exposure by way of direct lending. · However, the extent of guarantee / credit enhancement extended by IIFCL to any infrastructure project for its project bonds shall be limited to the extent which enhances the credit rating of the project bonds to its desired credit rating [minimum AA (India Domestic) rating or equivalent] subject to a maximum of 50% of the total amount of Project Bonds issued.
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