Credit rating agency -- CRISIL has upgraded the long term credit rating of non-convertible debentures and long term bank facilities of Torrent Power to ‘AA+/Stable’ from ‘AA/Positive’. The agency has also has reaffirmed its rating on the short-term bank facilities and commercial paper programme at ‘A1+’.
The upgrade reflects the company’s continued strong profitability, which along with prudent and staggered capital expenditure plans have resulted in the sustained improvement in the leverage levels, with net debt/EBITDA further improving to 1.7 times on December 2021 from 2.0 times as on March 2021. The rating upgrade also factors in expectation of continued strong profitability and net debt/EBITDA sustaining below 2.6 times, despite outflow towards acquisitions.
Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.
Company Name | CMP |
---|---|
NTPC | 360.70 |
Tata Power | 443.45 |
Power Grid Corp | 309.35 |
Adani Power | 767.25 |
Torrent Power | 1480.00 |
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