CRISIL assigns P1+ Rating for short term debt programme of Tata Power

Tata Power Company Ltd has announced that CRISIL has reaffirmed a "P1+" rating for the Company´s Rs 5 billion Short Term Debt Programme (enhanced from Rs 2 billion). The "P1+" rating indicates that the degree of safety with regard to timely payment of interest and principal on the instrument is "very strong".

CRISIL’s ratings "continue to reflect Tata Power´s stable business with regulated returns, sound and improving operational efficiencies, strong financial risk profile, and increased focus on core business".

CRISIL has also reaffirmed an "AAA / Stable" rating on the Company´s three Rs 5 billion NCD Programmes aggregating to Rs 15 billion. The Company has raised Rs 7.3 billion against these Programmes till date. "CRISIL expects Tata Power to pursue growth opportunities that are synergistic with its existing business. Tata Power is therefore expected to maintain a strong financial profile."

Source : Equity Bulls

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