Fitch affirms Maithon Power

Fitch Ratings said it affirmed Maithon Power Ltd.'s long-term project bank loans aggregating Rs. 31.15 billion and the non-fund based exposure aggregating Rs. 581 million at BBB+(ind). The agency also assigned a BBB+(ind) rating to its new guarantee limits of Rs.1 billion.

The outlook is stable.

Maithon Power is a special-purpose company created solely to develop, own and operate a power generating facility in the eastern state of Jharkhand.

The affirmation follows the reasonable progress by Maithon Power over the last year in achieving different project milestones during the critical construction phase, although as a whole, the company is slightly behind plans, Fitch said.

There has been progress with the different aspects of physical construction and equipment delivery, the agency said.

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