Live
- Hailstorm-hit Vistara flight returns to Bhubaneswar airport
- PM Modi-led govt saved people during pandemic: Union Minister Anurag Thakur
- Heat wave grips Telangana, mercury crosses 46 degrees Celsius in few places
- New India believes in giving a dose, not dossiers, to terror masterminds: PM Modi
- Nagarkurnool MLA Kuchukulla Rajesh Reddy should send Malluravi to Parliament for the third time
- Awareness conference on Mayday under the auspices of Legal Service Authority
- Adani Power logs 37 per cent revenue growth in FY24, consolidated PBT more than doubled
- Rohit said 'just show us what you can do', recalls Shivam Dube post T20 WC selection
- Resignations of Lovely, Naseeb and Basoya indicate Congress high command's disconnect with ground reality
- Hamas standing in way of ceasefire, Blinken says during meeting with Israeli PM Netanyahu
Rating breather for Adani group
Adani Group
Fitch Ratings has affirmed ‘BBB-’ rating on Adani Green Energy Ltd Restricted Group 2’s $362.5 million senior secured notes (bonds), implying a low risk of default
New Delhi: Fitch Ratings has affirmed ‘BBB-’ rating on Adani Green Energy Ltd Restricted Group 2’s $362.5 million senior secured notes (bonds), implying a low risk of default.Assigning a stable outlook, the rating agency said that credit assessment is supported by the company’s 570MW solar portfolio across two Indian states and long-term fixed-price power purchase agreements (PPAs). The Adani Green Energy Limited Restricted Group 2's (AGEL RG2) consists of 570MW of polycrystalline solar projects, a proven technology with a long operating history, a Fitch rating issued on Friday said.
“We regard the operation of these types of solar projects as straightforward and the solar modules are provided by internationally known suppliers,” it said.
It stated that Fitch Ratings has affirmed the AGEL RG2’s $362.5 million senior secured, largely amortising notes due 2039 at 'BBB-'.The Outlook is Stable, it held.
Explaining about rating rationale, it explained that the AGEL RG2’s credit assessment is supported by its 570MW solar portfolio across two Indian states, moderately volatile generation record at portfolio level, long-term fixed-price power purchase agreements (PPAs), commercially proven technology, experienced operations and maintenance contractors, and strong credit metrics.
The restricted group's (RG) financial profile with rating-case debt-service coverage ratio (DSCR) of 1.44x is stronger than that commensurate with a 'BBB-' rating for the asset portfolio, reflecting considerable rating headroom at the current level.
