Business News | Crisil Upgrades Adani Power Rating over Strong Business Parameters
Get latest articles and stories on Business at LatestLY. The rating agency said that the upgrade in rating reflects Crisil Ratings expectation of strengthening in Adani Power'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.
New Delhi [India], February 7 (ANI): Crisil Ratings has upgraded its rating on Rs 38,000 crore long-term bank facilities of Adani Power Ltd (APL) to 'Crisil AA/Stable' from 'Crisil AA-/Positive'.
Crisil Rating has also assigned its 'Crisil AA/Stable' rating to Rs 11,000 crore proposed non-convertible debentures (NCDs) of the Adani Group company, the rating agency said in a statement.
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The rating agency said that the upgrade in rating reflects Crisil Ratings expectation of strengthening in Adani Power'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.
The same is expected to improve revenue and cash flow visibility over the long term, Crisil said
"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 DSCR (debt service coverage ratio) improving to more than 2x and net debt to Ebitda improving to
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