Fitch affirms NHPC

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

The agency also said it affirmed Rs. 20 billion long-term bond program at AAA(ind), Rs. 20 billion bank loan program at AAA(ind) and Rs. 1.35 billion working capital bank loans at AAA(ind)/F1+(ind).

The outlook is stable.

The ratings continue to reflect its established business position as the largest hydropower generator in India, government ownership and a favorable regulatory environment, Fitch said.

The ratings also benefit from its strong cash balances, comfortable debt-maturity profile and efficient management of receivables from weak state power utility counterparties, Fitch said.

The credit strengths are moderated by the company's significant capital expenditure program, counterparty risk and moderate credit metrics, the agency said.

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