ICRA retains highest credit quality to NLC
Credit rating agency ICRA has retained its highest credit quality rating to the Rs 2,300 crore long term borrowing programme and Rs 800 crore Non Convertible Bond programme of Neyveli Lignite Corporation.
By PTI |
NEW DELHI: Credit rating agency ICRA has retained its highest credit quality rating to the Rs 2,300 crore long term borrowing programme and Rs 800 crore Non Convertible Bond programme of Neyveli Lignite Corporation.
The 'LAAA' rating reflects NLC's efficient and cost effective power generating operations, limited fuel risk arising from its captive lignite mines, favourable financial risk profile from the capital structure and cash generation, an ICRA release said.
The rating also factors in the dominant government ownership, superior quality of its principal consumers and the benefits that have been accrued to NLC from the securitisation of past dues by the respective state governments, it said.
In another such exercise, ICRA enhanced its highest credit quality rating, 'A1+', to the short-term debt programme of First India Credit Corporation Ltd to Rs 500 crore from Rs 100 crore.
The rating takes into account the profile of the parent company, Tamasek Holdings and ICRA's expectation that the promoter's would continue to provide financial and operational support to First India Credit Corporation Ltd, the release said.
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