Fitch assigns stable outlook to PFC
Global rating agency Fitch on Friday assigned a long-term foreign currency issuer default 'IDR' of 'BBB-' rating to Power Finance Corporation Limited (PFC), indicating stable outlook.
By PTI |
NEW DELHI: Global rating agency Fitch on Friday assigned a long-term foreign currency issuer default 'IDR' of 'BBB-' rating to Power Finance Corporation Limited (PFC), indicating stable outlook.
It has also assigned a national long-term issuer rating of 'AAA (ind)' and national short-term rating of 'F1+ (ind)' to the company, Fitch said in a statement.
The ratings are based on Fitch's assessment of the strategic importance of the company to the Government of India. PFC generates 55 per cent of India's power and owns almost all of the country's power distribution, it said.
The rating is also supported by the company's strong business prospects and currently high profitability and capital adequacy ratios.
PFC is in the process of raising equity capital through its maiden public equity offering.
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