Fitch rates Maithon loans A-(ind)

Fitch Ratings said it upgraded Maithon Power Ltd.'s long-term project bank loans to A-(ind) from BBB+(ind), including its Rs. 31.15 billion term loans and Rs. 2.58 billion enhanced non-fund based limits.

This represents an increase of Rs.1 billion over Rs. 581 million non-fund based limits and Rs.1 billion bank guarantee limits, previously rated separately.

The agency also said it assigned an expected A-(ind) rating to the company's Rs. 2.7 billion of additional term loans that the project is seeking from existing lending banks.

The outlook is stable.

The upgrade takes into account the substantial mitigation of completion risk through the significant progress achieved in project implementation in the last one year or so, Fitch said, and tangible confirmation of a number of previously identified strengths.

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