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IREDA's Credit Rating Upgraded to AAA (Stable) by CARE Ratings

CMD of IREDA, Pradip Kumar Das, expressed his views on the announcement, highlighting that the upgraded rating underlines the agency's dedication to building a strong financial foundation.

June 21, 2024. By Abha Rustagi

Rating agency CARE Ratings announced the upgrade of various instruments of Indian Renewable Energy Development Agency Limited (IREDA) to AAA (Stable) from AA+ (Positive).

Chairman and Managing Director of IREDA, Pradip Kumar Das, expressed his views on the announcement, highlighting that the upgraded rating underlines the agency's dedication to building a strong financial foundation and achieving operational excellence.

“The upgrade from AA+ (Positive) to AAA (Stable) is a clear testament to IREDA’s dedication to building a robust financial foundation, achieving excellence, and fostering sustainable growth. This enhanced rating signifies our company’s increased creditworthiness and reduced risk profile, making us a more attractive and reliable NBFC. We believe this upgrade will strengthen investor and stakeholder confidence and open new opportunities for growth," he said.

The details of the rating upgrade by CARE Ratings are as follows:

Long-term Tax Free Bonds - INR 200 crore revised from AA+ (Positive) to AAA (Stable)
Long-term Tax Free Bonds - INR 576.60 crore revised from AA+ (Positive) to AAA (Stable)
Long-term Bonds: IREDA Green Bonds - INR 700 crore revised from AA+ (Positive) to AAA (Stable)
Long-term Bonds: GoI Fully serviced Bonds - INR 4,000 crore reaffirmed to AAA (Stable)
Long-term Taxable Bonds: FY22 Borrowing Programme - INR 106 crore revised from AA+ (Positive) to AAA (Stable)
Long-term instruments: FY23 Market Borrowing Programme - INR 3,863.40 crore (reduced from INR 14,900 crore) revised from AA+ (Positive) to AAA (Stable)
Long-term Tax Free Bonds - INR 250 crore revised from AA+ (Positive) to AAA (Stable)

This rating upgrade is expected to strengthen investor and stakeholder confidence in IREDA, supported by the continued support from the Government of India, its customers, and stakeholders as the NBFC looks forward to maintaining its positive momentum.

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Policies & Regulations

IREDA

Pradip Kumar Das

CARE Ratings

Indian Renewable Energy Development Agency

Long-term Tax Free Bonds

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