Fitch affirms National Hydroelectric

Fitch Ratings said it affirmed the BB+ senior unsecured foreign currency and local currency ratings of National Hydroelectric Power Corp. of India.

At the same time, the agency affirmed the company's senior unsecured national rating at AAA(ind) and its national short-term rating at F1+(ind).

The outlook is stable.

Fitch said the ratings reflect the company's status as the key government vehicle tasked with executing the government of India's ambitious plans to boost India's hydro capacity over the next 10 years. The ratings also reflect the government's direct support of the company: the government funds 30% to 40% of National Hydroelectric's project costs in the form of equity, and it guarantees more than 90% of the company's foreign currency debt (40% of total debt) and 90% of the company's debt from private sector banks (31% of total debt).

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