Fitch lowers outlook on ReNew Power rating to Stable on slower deleveraging

The firm's capex was expected to be below company's estimates given the continuing Covid-related challenges, including delays in signing new PPAs, the rating agency said

Rating agency Fitch has revised the outlook on India-based ReNew Power Private Ltd's Long-Term Issuer Default Rating from “positive” to “stable” on a slower pace of deleveraging for ReNew than expected earlier.

It affirmed the rating at 'BB-' as well as the ratings on ReNew's outstanding senior secured US dollar notes at 'BB-'.

The outlook revision reflects slower pace of deleveraging due to larger capex than forecast and a slower improvement in receivables. ReNew's capex was expected to be below the company's estimates given the continuing challenges from the Covid-19 pandemic, including delays in signing new power-purchase agreements (PPAs), Fitch