Power Finance Corporation Ltd.

Standard & Poor’s (S&P) Ratings Services assigned ‘BBB-’ long-term rating to the $1 billion medium-term notes program by Power Finance Corp (PFC). The program will comprise only senior unsecured notes with a negative pledge clause. The ratings on the notes reflect the counterparty credit rating on the company.

The notes issued under the program will constitute direct, unconditional, unsecured, and unsubordinated obligations of the company. They shall at all times rank pari passu among themselves and with all other unsecured obligations of the company (except for certain obligations preferred by law). They will rank higher than all subordinated obligations of PFC.

PFC provides large range of financial products and services like project term loan, lease financing, direct discounting of bills, short term loan, and consultancy services for various power projects in generation, transmission, distribution sector as well as for renovation and modernization of existing power projects.