Moody’s assigns Mytrah notes B1

Moody's Investors Service said it assigned a provisional B1 rating to the proposed five-year dollar-denominated senior notes of Mytrah Energy (Singapore) Pte Ltd.

The outlook is stable.

Mytrah Singapore will ultimately use the proceeds to extend an Indian rupee-denominated loan to the restricted group, which comprises Mytrah Singapore and the restricted subsidiaries domiciled in India.

"The (P)B1 rating reflects the improving financial profile of the restricted group, underpinned in turn by the group's commissioning of new wind power plants in 2014 amid favorable industry dynamics, and its degree of geographic and offtaker diversification," Moody's vice president and senior analyst Mic Kang said in a news release.

"However, the rating is tempered by the restricted group's narrow financial cushion against its exposure to the inherent risk in wind resources, the weak financial profiles of its major offtakers, and refinancing risk. Mytrah Singapore is also exposed to foreign exchange risk as its USD notes are secured by payments from loans to the restricted group, which are denominated in Indian rupee."

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