Ratings firm CRISIL has upgraded its rating to Crisil AA from Crisil AA- on the Tata Power’s non-convertible debentures (NCDs) and long-term bank facilities.
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. Â Further, the company is on course to achieve the deleveraging and restructuring of business as laid out in its long-term strategy which will bring greater value for its stakeholders.