Credit rating agency, ICRA has assigned the rating of LAAA with ‘Stable’ outlook to the Rs 31,500 crore (enhanced from Rs 28,000 crore) long term borrowing programme for the financial year 2010-11 of Power Finance Corporation (PFC). The rating agency has an outstanding rating of LAAA with ‘Stable’ outlook on the various outstanding long term bonds and long term bank borrowings, an outstanding rating of MAAA (pronounced M triple A) on the fixed deposits programme and an outstanding rating of A1+ (pronounced A one plus) on the Rs 5,000 crore Commercial Paper / Short Term Debt programme of the corporation.
The highest credit quality ratings assigned by the rating agency continue to reflect the company’s majority sovereign ownership and its strategically important role in the implementation of various Government of India (GoI) schemes for the development of the power sector such as Ultra Mega Power Projects (UMPP’s) and the R-APDRP scheme.
PFC provides large range of financial products and services like project term loan, lease financing, direct discounting of bills, short term loan, and consultancy services for various power projects in generation, transmission, distribution sector as well as for renovation and modernization of existing power projects.
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