New Delhi, Nov 5 (PTI) Tata Power on Thursday said Crisil has upgraded its rating on the company's non-convertible debentures and long-term bank facilities.

"Crisil has upgraded its rating of The Tata Power Company Ltd to 'Crisil AA' from 'Crisil AA-' on the non-convertible debentures and long-term bank facilities,” Tata Power said in a regulatory filing.

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The outlook on the rating has been revised to 'stable' from 'positive'. The rating on Tata Power's commercial paper programme has been reaffirmed at Crisil A1+, it said.

Tata Power said the rating upgrade has been driven by the de-leveraging initiatives such as sale of non-core assets (South African wind asset and shipping business) and the preferential allotment of equity undertaken by the company.

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Praveer Sinha, CEO and Managing Director, Tata Power said this rating upgrade recognises the significant efforts of the company to strengthen the fundamentals.

“The company is on course to achieve the deleveraging and restructuring of business as laid out in its long term strategy which will bring greater value for our stakeholders,” he added.

Shares of Tata Power were trading 1.78 per cent higher at Rs 54.20 apiece on BSE.

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