Fitch affirms NHPC

Fitch Ratings said it affirmed NHPC Ltd.'s long-term foreign-currency issuer default rating at BBB- with a stable outlook, long-term local-currency issuer default rating at BBB- with a negative outlook, national long-term rating at AAA(ind) with a stable outlook and national short-term rating at F1+(ind).

The agency said it assigned a AAA(ind) rating to NHPC's Rs. 20 billion national long-term bond program, a rating of AAA(ind) to NHPC's proposed national bank loan program of Rs. 20 billion as well as ratings of AAA(ind)/F1+(ind) to its national working capital bank loans of Rs. 1.35 billion.

"NHPC's ratings reflect its stable business profile as the largest hydro-electricity generator in India, its majority government ownership, the favorable regulatory environment and strong liquidity aided by Rs. 40 billion cash proceeds from its IPO," Salil Garg, an associate director with Fitch, said in a statement.

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