India Ratings & Research (Ind-Ra) has affirmed ‘AAA’ rating to Rural Electrification Corporation's (REC) Long-Term Issuer. The Outlook is Stable. The rating agency has also assigned ‘AAA' rating to company’s annual borrowing programme for FY14-FY15 a Long-term worth Rs 370 billion and ‘ A1+’ rating to short-term debt/commercial paper programme (including bank guarantee), which is part of its total debt programme, a Short-term worth Rs 50 billion.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.
