Ind Ra rates Tata Power's additional NCDs at 'IND AA/Stable'

27 Dec 2022 , 11:58 AM

Tata Power has informed that India Ratings Agency rates Company’s additional NCDs at ‘IND AA’/Stable.

The agency has also affirmed other ratings include long-term issuer rating at IND AA with Stable outlook. Commercial Papers worth Rs90 billion has been affirmed at IND A1+.

Ind-Ra continues to take a consolidated view of TPCL and its subsidiaries to arrive at the ratings, owing to the operational, strategic and legal linkages among them.

According to the rating rationale report, a significant improvement in the business risk profile along with a significant increase in the proportion of cash flows from non-conventional businesses and/or long-term sustainable resolution of the Mundra plant, leading to a reduction in volatility in the profitability and the consolidated net adjusted leverage reducing below 3.0x, on a sustained basis, would lead to a positive rating action, the rating agency said.

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