AA," he added.
Meanwhile, Goel said: "LIC is a very keen partner on investing in these bonds because they were feeling very handicapped, because of the rating particularly."
Insurance and pension firms, as per the investment norms, are not allowed to invest below 'AA' rated bonds.
Goel further said that IIFCL is actively considering more transactions under its Credit Enhancement Scheme.
On the tax free bonds, Goel said, "Our issue has been good. We will be coming up with a second tranche, our aim is to collect at least Rs 5,000 crore in this tax free bonds."
So far, the company has collected about Rs 3,700 crore from the sale of tax free bonds.
"So, if we come out with one more tranche we are sure that we will exceed our target of Rs 5000 crore," Goel added.