India Ratings and Research (Ind-Ra) has maintained a stable outlook on the overall infrastructure sector for FY21, while revising the outlook on toll roads and wind sector to negative from negative-to-stable and stable, respectively.
Contracted revenue, minimal volume risk and moderate-to-strong counterparties mitigate cash flow concerns in solar assets, while economic growth deceleration affects the transportation sector, particularly toll roads, it said. Infrastructure assets are intrinsic to growth revival as well, it added.
Wind assets face headwinds such as resource volatility and weakening profile of counterparties and original equipment manufacturers, who are also operations and maintenance contractors.
