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