Fitch Ratings downgrades Ireda’s IDRs

NEW DELHI : Fitch Ratings on Thursday downgraded state run Indian Renewable Energy Development Agency Ltd’ (IREDA) long-term foreign-and local-currency issuer default ratings (IDRs) to negative from stable.

This development assumes importance and comes in the backdrop of IREDA—one of the largest lenders in the country’s green energy space—expected to play an important role in India’s renewable energy programme which would require $80 billion till 2022. This requirement will grow more than threefold to $300 billion during 2023-30.

“We have affirmed IREDA’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) and its long-term senior unsecured rating at ‘BB+’. At the same time, Fitch has affirmed the Short-Term IDR and the short-term senior unsecured rating at ‘B’,” the rating agency said in a statement.