S&P rates Mytrah notes B

Standard & Poor's said it affirmed the B long-term corporate credit rating on Mytrah Energy Ltd.

The outlook is stable.

The agency also assigned a B long-term issue rating to a proposed issue of senior notes that Mytrah guarantees. The company's wholly owned subsidiary, Mytrah Energy (Singapore) Pte. Ltd., will issue the notes. Mytrah operates wind power assets in India.

Mytrah's long-term power purchase agreements that have fixed tariffs support its business risk profile, which the agency assesses as "fair." The company also benefits from its diverse customers and the chronic power deficit in India. Mytrah's exposure to weak state electric utilities and the company's small scale and short track record temper these strengths, S&P said.

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