Credit rating agency, India Ratings & Research has assigned Rural Electrification Corporation’s (REC) Rs 2,500 crore subordinated tier II bonds a Long-Term rating of ‘AAA’. This is part of REC’s Rs 37,000 crore annual borrowing programme for FY14.
Recently, CRISIL assigned ‘AAA/Stable’ rating to REC’s Rs 34,500 crore long-term borrowing programme and ‘A1+’ rating to REC’s Rs 2,500 crore short-term debt programme. Further, the rating agency reaffirmed ratings on the other debt programmes at ‘AAA/Stable/ A1+’.
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.
