Fitch cuts Indian Renewable Energy

Fitch Ratings said it downgraded Indian Renewable Energy Development Agency Ltd.'s long-term foreign and local currency issuer default ratings as well as its long-term senior unsecured rating to BB+ from BBB-.

The outlook is stable.

At the same time, Fitch downgraded the short-term issuer default rating and the short-term senior unsecured rating to B from F3.

The downgrade reflects elevated risk in India's renewable-energy sector, expectations of lower capital adequacy following the adoption of all of the Reserve Bank of India prudential norms from the financial year ending March 2019 and Indian Renewable Energy’s modest loan loss provision coverage, the agency explained.

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