Fitch ups Indian Renewable Energy

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

“The upgrade is driven by an increase of the overall support score to 45, and Ireda’s ratings are equalized to the ratings on the Indian sovereign,” Fitch said in a press release.

The outlook is negative. The outlook mirrors India’s sovereign rating, the agency said.

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