SINGAPORE (S&P Global Ratings) Jan. 19 --S&P Global Ratings today assigned its 'BBB-' long-term issue rating to the proposed US$1 billion senior unsecured medium-term notes program of Power Grid Corp. of India Ltd (BBB-/Stable/--).
“The rating is subject to our review of the final issuance documentation”, said a statement.
The rating on Power Grid reflects the company's supportive regulatory framework, near monopoly in interstate transmission, and stable margins and cash flows. Power Grid's large capital spending plans and exposure to the weak credit profiles of state electricity boards offset these strengths.
The stable outlook on Power Grid reflects our expectation that the company will manage its growth and project execution risks such that it maintains its ratio of funds from operations to debt at about 9% over the next 12-18 months.
Power Grid of India offer gets 'BBB' rating from S&P
FE Team | Published: January 19, 2018 22:40:47
Power Grid of India offer gets 'BBB' rating from S&P
Share if you like