Fitch Ratings cuts Indian Renewable Energy Development Agency ratings as renewable stress rises


Fitch Ratings cuts Indian Renewable Energy Development Agency ratings as renewable stress rises

As India’s renewable energy space starts showing signs of slowdown and eventual stress, Fitch Ratings has downgraded Indian Renewable Energy Development Agency (Ireda) rating.

The downgrades have been made to Ireda’s long-term foreign and local-currency issuer default ratings (IDR) as well as its long-term senior unsecured rating to ‘BB+’ from ‘BBB-‘. “The outlook is stable. At the same time, Fitch has downgraded the short-term IDR and the short-term senior unsecured rating to ‘B’ from ‘F3’,” said the ratings agency in a statement.

The downgrade follows a downgrade of Fitch’s internal assessment of Ireda’s standalone credit profile to ‘b+’ from ‘bb-‘ due to elevated risk in India’s renewable-energy sector.Read More

Leave a Reply

Your email address will not be published.