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CRISIL Grades Tata Power with AA- (Positive)

CRISIL Grades Tata Power with AA- (Positive)

Reaffirms the Company’s long term AA – (Stable) rating to ‘CRISIL AA-’ and shortterm rating to ‘CRISIL A1+’ post clearance of all dues

National, 07th June, 2019: #TataPower, India’s largest integrated power utility, has been graded with AA- (Positive) by #CRISIL, a pioneer of credit rating in India. It has revised Tata Power’s ratings for debts instruments and long-term banking facilities from AA-(Stable) to AA-(Positive), indicative of a potential upgrade to a better rating in the forthcoming future. This move came after Tata Power cleared all dues on debentures worth INR1,082 crore and term loan of INR605 crore.

The Company’s outlook is revised based on improved visibility on the implementation of the high power committee’s (HPC) recommendations for Coastal Gujarat Pvt. Ltd. (CGPL, rated CRISIL A-/CRISIL AA-(SO)/Positive/CRISIL A1+(SO)’), a wholly owned subsidiary of Tata Power. CRISIL believes this could substantially reduce CGPL’s losses. Furthermore, the company’s non-core asset sales could help it further reduce its leverage. Tata Power’s power generation and distribution projects in Mumbai and New Delhi accounted for over 45% of the EBITDA consolidation observed in FY2019 and are expected to provide stable cash accrual in the future. Read More

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