IREDA Rating Upgraded by S&P Global to BBB with Stable Outlook

S&P Global Ratings on Tuesday upgraded Indian Renewable Energy Development Agency Ltd.’s long-term issuer credit rating to BBB from BBB-, with a stable outlook.

The upgrade reflects the company’s strong liquidity position and continued access to capital and debt markets, supported by government ownership, the ratings agency said. It added that the state-owned lender has “sizable unsecured and undrawn committed bank lines,” unlike most non-bank financial peers that typically depend on secured facilities.

The stable outlook indicates expectations that the company will maintain its current financial profile over the next two years, S&P Global said.