Fitch rates NTPC notes BBB-

Fitch Ratings said it assigned a final rating of BBB- to NTPC Ltd.’s $500 million 4¼% senior unsecured notes due 2026.

The notes are issued out of its $4 billion medium-term note program.

The notes constitute direct, unconditional, unsubordinated and unsecured obligations of NTPC.

The ratings reflect the company’s dominant market position as the largest power generation company in India, accounting for a fourth of total power generated in the country, Fitch said.

The ratings benefit from stable operational cash flows due to the favorable regulatory framework, the agency said.

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