Marathi | HIndi

Epaper
Follow us:
Home > Business > Fitch rates REC Ltd's proposed USD notes BBB-minus
Fitch rates REC Ltd's proposed USD notes BBB-minus English.Lokmat.com

Fitch rates REC Ltd's proposed USD notes BBB-minus

Fitch Ratings has assigned REC Ltd's proposed senior unsecured notes a rating of BBB-negative.
Fitch rates REC Ltd's proposed USD notes BBB-minus

Fitch Ratings has assigned REC Ltd's proposed senior unsecured notes a rating of BBB-negative.

REC (earlier known as Rural Electrification Corporation) is a Navratna company under the administrative control of Ministry of Power.

The proposed notes will be issued from REC's existing 7 billion dollar global medium-term note programme. The net proceeds will be used for financing power projects in accordance with the approvals granted by the Reserve Bank of India and the guidelines for external commercial borrowings.

Fitch said the proposed notes are rated in line with REC's long-term issuer default rating on the basis that they will be issued under REC's programme.

They will constitute its direct, unconditional and unsecured obligations and rank pari passu (on equal footing) with all its other outstanding unsecured and unsubordinated obligations.

Changes to the company's issuer default rating will result in a similar change to the proposed notes, said Fitch.

REC provides financial assistance to state electricity boards, state governments, power utilities, independent power producers, rural electric cooperatives and private sector utilities.

Its business activities involve financing projects in complete power sector value chain: generation, transmission, distribution and renewable energy.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Fitch rates REC Ltd's proposed USD notes BBB-minus
Chancellor Naveen Jindal plans to invest Rs 1,000 crore for futuristic expansion of JGU
WHRPC' doctorate for N&H Research Park's Dr Hemachandran Ravikumar
Renowned author, Karan Puri launches his second book #Me Too
Planet Organic India - an initiative towards affordable and healthy lifestyle