IREDA Secures International Credit Rating from S&P

S&P Global has assigned 'BBB-' long-term and 'A-3' short-term issuer credit ratings to IREDA, with ‘Stable’ outlook.

August 30, 2024. By EI News Network

Indian Renewable Energy Development Agency Ltd. (IREDA) achieved a significant milestone by securing its international credit rating. The International credit rating agency, S&P Global Ratings Ltd. assigned 'BBB-' long-term and 'A-3' short-term issuer credit ratings to IREDA, with outlook ‘Stable’.

This rating will enable IREDA to expand its reach in the international market, tapping into attractive sources of funding and supporting its borrowing plan. In the rating update released by S&P Global recently, the agency stated, “We rate IREDA one notch above our starting point for rating finance companies (fincos) in India to reflect ongoing government support.”

Commenting on the development, Pradip Kumar Das, Chairman and Managing Director, IREDA, stated, “The international credit rating assigned to IREDA is a testament to our commitment to upholding the highest standards of corporate governance and maintaining the trust of our investors and stakeholders. This rating will support our efforts to secure funds at competitive rates and enhance our footprint in global markets. We remain focused on maintaining our strong market position, robust financial performance, and exemplary corporate governance to drive sustainable development.”

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Pragati Maidan, New Delhi

Corporate Governance

International credit rating

Borrowing plan

Project financing