Fitch rates India Clean notes BB-

Fitch Ratings said it assigned a BB- rating to the planned senior unsecured dollar-denominated notes to be issued by India Clean Energy Holdings, a Mauritius-based fully owned subsidiary of ReNew Energy Global plc, which is the parent of ReNew Power Private Ltd., which the agency rates BB-.

“The rating on the proposed notes reflects that they will be equivalent to ReNew's senior unsecured obligations, and; therefore, they are rated at the same level as ReNew's long-term foreign-currency issuer default rating (IDR),” Fitch said in a press release.

The proceeds will be lent to ReNew by way of a U.S.-dollar external commercial borrowing bond, with a back-to-back structure and cross-default provisions. The ECB's tenure is intended to be longer than that of the notes, providing ReNew flexibility to refinance the notes without unwinding the entire structure, should it choose to do so. ReNew intends to use the ECB proceeds for capital expenditures funding and refinancing its debt.

The outlook is stable.

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