Fitch rates Power Finance Corporation’s proposed EUR green bond BBB-minus

Fitch Ratings has assigned Power Finance Corporation’s (PFC’s) proposed Regulation S senior unsecured euro green bond a rating of BBB-minus.

The proposed bond will be issued from PFC’s existing global medium-term note programme. The net proceeds of the bond will be lent to eligible green projects in accordance with the company’s green bond framework.

The programme size was raised to USD 8 billion in August from USD 5 billion previously. The increase did not affect the programme’s BBB-minus rating which was last affirmed on May 26.

Fitch said both the programme and the bond rating are aligned with PFC’s issuer default rating as the bond will constitute direct, unconditional,