Fitch rates Indian Renewable Energy bond BBB-

Fitch Ratings said it assigned a BBB- rating to Indian Renewable Energy Development Agency's green bond.

The Rp 19.5 billion issue matures in 2022 and pays an annual coupon of 7 1/8%.

The issue will be payable in U.S. dollars equivalent to $300 million, Fitch added.

The bond is rated in line with the agency's long-term issuer default rating as issues under the program will constitute direct, unconditional, unsubordinated and unsecured obligations of the agency.

The bond will be used for general corporate purposes.

The agency's ratings are equalized with those of the sovereign, Fitch said.

This reflects the company's 100% state ownership, public-sector legal status and the strong operational and strategic ties with the government, resulting in a high likelihood of extraordinary government support, if needed, Fitch said.

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