New Delhi: Crisil Ratings has upgraded its rating on the long-term bank facilities of Adani Power Ltd (APL) to ‘Crisil AA/Stable’ from ‘Crisil AA-/Positive’.
The global credit rating agency has also assigned its ‘Crisil AA/Stable’ rating to Rs 11,000 crore proposed non-convertible debentures (NCDs) of Adani Power.
The upgrade in rating reflects “Crisil Ratings’ expectation of strengthening in APL’s overall credit risk profile with strong improvement in the business parameters on account of increase in proportion of tied-up capacities as well as fuel linkages”, it said in a ‘Rating Rationale’ note.
The same will improve revenue and cash flow visibility over the long term.
“Similarly, full recovery of pending regulatory dues, robust liquidity and sustaining of receivable position has also resulted in stronger credit metrics and financial risk profile, resulting in Debt-Service Coverage Ratio (DSCR) improving to more than 2x and net debt to Ebitda improving to
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