Fitch has affirmed investment grade rating with 'stable' outlook on state-run Power Grid Corporation of India Ltd.
"At the same time, the agency has affirmed Power Grid's senior unsecured rating and the ratings on its USD 500m senior unsecured notes at 'BBB-'," Fitch Ratings said in a statement.
'BBB' ratings indicate low default risk. The capacity for payment of financial commitments under this is considered adequate although adverse business or economic conditions are more likely to impair this capacity.
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Power Grid Corporation of India Ltd, the central transmission utility, is engaged in bulk power transmission.
As on August 31, 2016, the company owned and operated more than 1,31,728 Ckt kms network of transmission lines, 2,66,163 MVA transformation capacity and 213 substations.
This constitutes most of India's interstate and inter- regional electric power transmission system and carries electric power across India.
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