NTPC Ltd.

Fitch Ratings has affirmed NTPC’s long-term Issuer Default Rating (IDR) at ‘BBB-’. The Outlook is Stable. At the same time, the agency has affirmed the company’s senior unsecured rating of ‘BBB-’. Moreover, the rating agency has also affirmed ‘BBB-’ rating to the company’s $2 billion medium term note programme.

The company is rated a notch below its standalone profile of ‘BBB’, as its ratings are constrained by that of its 75% shareholder.

NTPC is the largest power generation company in India, accounting for a fourth of total power generated in the country. Of India's total installed power generation capacity of 255 gigawatts (GW), around two thirds is thermal. NTPC accounts for 23% of India's thermal power generation capacity.