Rating agency Fitch has revised the outlook on India-based ReNew Power Private Ltd’s Long-Term Issuer Default Rating from “positive” to “stable” on a slower pace of deleveraging for ReNew than expected earlier.
It affirmed the rating at ‘BB-‘ as well as the ratings on ReNew’s outstanding senior secured US dollar notes at ‘BB-‘.
The outlook revision reflects slower pace of deleveraging due to larger capex than forecast and a slower improvement in receivables. ReNew’s capex was expected to be below the company’s estimates given the continuing challenges from the Covid-19 pandemic, including delays in signing new power-purchase agreements (PPAs), Fitch said in a statement.
