 "Fitch assigns 'BBB-' rating to PGCIL for debt issuance")
"Fitch Ratings has affirmed...PGCIL long-term Issuer Default Rating (IDR) at 'BBB-'. The outlook is stable," the rating agency said in a statement.
'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments are considered adequate but adverse business or economic conditions are more likely to impair this capacity.
At the same time, the agency said it has affirmed PGCIL's senior unsecured rating and the ratings on its USD 500 million senior unsecured notes at 'BBB-'.