CRISIL upgrades rating on Tata Power NCDs, long-term bank facilities

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.