S&P rates ReNew Power notes BB-

S&P said it assigned its BB- long-term issuer credit rating to ReNew Power Ltd. Restricted Group (RPL RG). The outlook is stable.

At the same time, S&P assigned a BB- long-term issue rating to the company's proposed senior secured notes. The company is owned by ReNew Power Ltd. (RPL).

S&P said the rating on RPL RG reflects the company’s small scale, limited project diversity and short operational track record, exposing the company to higher resource and counterparty risks. Furthermore, while S&P said it expects leverage to improve in fiscal 2019 and onward, it is likely to remain high.

“Moderating these risks are RPL RG's stabilizing operating performance on a static portfolio, with no construction risks,” S&P said in a news release.

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