A Medium Term Note (MTN) programme to raise Rs 50 billion from the international markets has been established by the Kerala Infrastructure Investment Fund Board (KIIFB). The MTN programme will allow the primary government agency to access the international bond market through the issuance of Masala Bonds of Rs 50 billion in one and more tranches. Besides, through two international credit rating agencies- Standard and Poor’s (S&P) and Fitch Ratings- KIIFB has also undertaken a detailed rating exercise. Both of these agencies have assigned KIIFB, a long-term currency rating of BB with stable outlook and has rated the MTN programme the same.