Fitch rates Power Grid BBB-

Fitch Ratings said it assigned a long-term local-currency issuer default rating of BBB- to Power Grid Corp. of India Ltd.

The rating is at the same level as its long-term foreign-currency issuer default rating of BBB-.

The outlook is stable.

Fitch also said it assesses the company's standalone profile at BBB.

The ratings are constrained by the BBB- issuer default rating of India, which owns 57.9% of the company, the agency said.

The ratings benefit from the regulatory nature of more than 95% of its revenue, which has no offtake risk as long as it meets regulatory operational benchmarks, Fitch said.

The ratings benefit from its strong market position, the agency said.

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