ICRA assigns highest safety rating to PGCIL

ICRA has assigned the highest safety "LAAA" rating to Power Grid Corporation's proposed Rs 2,000 crore bonds for 2005-06.

Credit rating agency ICRA has assigned the highest safety "LAAA" rating to Power Grid Corporation's proposed Rs 2,000 crore bonds for 2005-06.

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ICRA also reaffirmed the highest safety 'LAAA' rating assigned to Rs 5,503 crore long term bonds and "A1+" rating assigned to Rs 550 crore short term debt of PGCIL for an enhanced amount of Rs 650 crore.

The ratings continue to reflect PGCIL's strategic role in the Indian power sector by way of developing inter-state transmission network and National Grid Management, the low level of operating risks, a cost plus transmission tariff structure and superior operating efficiency as indicated by an availability factor of over 99 per cent, ICRA said in a release.