Tata Power on Thursday said Crisil has upgraded its rating on the company's non-convertible debentures and long-term bank facilities.
"Crisil has upgraded its rating of The Tata Power Company Ltd to 'Crisil AA' from 'Crisil AA-' on the non-convertible debentures and long-term bank facilities, Tata Power said in a regulatory filing.
The outlook on the rating has been revised to 'stable' from 'positive'. The rating on Tata Power's commercial paper programme has been reaffirmed at Crisil A1+, it said.
Tata Power said the rating upgrade has been driven by the de-leveraging initiatives such as sale of non-core assets (South African wind asset and shipping business) and the preferential allotment of equity undertaken by the company.
Praveer Sinha, CEO and Managing Director, Tata Power said this rating upgrade recognises the significant efforts of the company to strengthen the fundamentals.
The company is on course to achieve the deleveraging and restructuring of business as laid out in its long term strategy which will bring greater value for our stakeholders, he added.
Shares of Tata Power were trading 1.78 per cent higher at Rs 54.20 apiece on BSE.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU