Fitch ups Indian Renewable Energy

Fitch Ratings said it upgraded Indian Renewable Energy Development Agency Ltd.'s national long-term rating to AA-(ind) from A+(ind), along with its Rs. 1 billion long-term non-convertible debenture program to AA-(ind) from A+(ind).

The outlook is stable.

The upgrade reflects its increased systemic importance as the key government of India-owned policy institution to fund renewable energy projects and achieve national objectives in the sector, Fitch said.

The ratings remain constrained by the inherent risk profile of its asset book, characterized by relatively modest size compared to the banking industry, exposure to a single industry, small size of projects and borrowers and use of new technologies in the projects, the agency said.

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