CRISIL upgrades rating on Tata Power NCDs, long-term bank facilities

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.  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.