S&P affirms Power Grid s BBB-minus rating with stable outlook ANI | Updated: Feb 11, 2021 16:57 IST
Singapore, Feb 11 (ANI): S&P Global Ratings has affirmed BBB-minus long-term issuer credit rating on Power Grid Corporation, the largest power transmission company in India which manages about 85 per cent of the country s inter-state transmission system. We forecast the company s leverage will improve steadily with a ratio of funds from operations to debt of 15 to 19 per cent over the three fiscal years ending March 2023 from about 13 per cent in fiscal 2020, said S&P.
Capital spending is likely to decrease from historical peak levels of Rs 22,500 crore to Rs 25,000 crore annually, given fewer growth projects. Also, the completion of several large projects has removed transmission bottlenecks and strengthened the transmission system in India.