Fitch assigns issuer default rating of ‘BBB-’ to Power Grid
Fitch Ratings on Wednesday said it has assigned Power Grid a long-term local currency issuer default rating (IDR) of ‘BBB-’, which is at the same level as its long-term foreign currency IDR.The outlook is stable. Fitch assesses Power Grid’s standalone profile at ‘BBB’, it said in a statement. Fitch’s credit ratings range from AAA to D, where triple-A indicates high ability to repay debt while D indicates the least. It said that Power Grid’s ratings benefit from its strong market position.The company owns and operates around 85% of India’s inter-regional and inter-state electricity transmission network assets. Revenue from existing operational transmission assets is based on a return on equity of 15.5% and full pass- through of all fixed cos.....