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.
Furthermore, CRISIL believes that GoI's guarantee will remain unaffected by any infirmity or irregularity on the part of AICL
to undertake any of its obligations under the NCD programme; the guarantee will remain unaffected even if AICL
is referred to the Board for Industrial and Financial Reconstruction, or comes under the purview of the Sick Industrial Companies Act, or that of any other authority notified under any law with powers in respect of revival or rehabilitation of sick companies.
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.