After upgrading India's sovereign rating to Baa2 stable from Baa3 positive, Moody's Investors Service has upgraded the ratings of infrastructure government-related issuers (GRIs) NTPC, NHPC, NHAI & GAIL to Baa2 in line with India's sovereign ratings.
Reliance Industries (RIL), India's most valued firm by market capitalisation, which traditionally used to enjoy one notch above sovereign ratings by Moody's continues to enjoy Baa2 ratings. RIL, without any ratings upgrade, is now at par with India's sovereign ratings of Baa2.
The upgrade in the ratings for NTPC, NHPC, NHAI and GAIL follows the upgrade in sovereign rating from Baa3 to Baa2, said a Moody's statement.
"The upgrade in ratings for NTPC, NHPC, NHAI and GAIL follows the upgrade of the Indian sovereign rating and reflects the strategic importance of these entities to the country, as well as their close operational and financial links with the government," says Abhishek Tyagi, a Moody's Vice President and Senior Analyst.
NTPC, NHPC and GAIL India shares were marginally trading up in a firm Mumbai market on Friday noon.