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CARE Reaffirms Credit Rating To Jaiprakash Power

4/12/2012 4:04 AM ET

Jaiprakash Power Ventures Ltd. said that Credit Analysis & Research Ltd., or CARE, had reaffirmed the rating of 'CARE BBB+' (Triple B Plus) assigned to the long term bank facilities of Rs.16,632.49 crore, which was enhanced from Rs. 8,823.83 crore.

This rating is applicable to facilities having tenure of more than one year. Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk, the company said.

The company further stated that the rating agency has assigned 'CARE A (SO)' (Single A (Structured Obligation) to Zero Coupon Non-Convertible Debentures (ZCD)-I aggregating Rs.999.98 crore and ZCD-II aggregating Rs.982.59 crore. Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.

At the BSE, Jaiprakash Power Ventures shares are currently trading at Rs.41.45, up 2.35 percent from the previous close.

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by RTT Staff Writer

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