Moody's affirms ReNew Power, rates Diamond bonds Ba3

Moody's Investors Service said it affirmed ReNew Power Private Ltd. (RPPL) Ba2 corporate family rating. At the same time, Moody's affirmed the Ba3 ratings on bonds issued by the company and its restricted groups.

At the same time, Moody's assigned a first-time Ba3 rating to the proposed U.S. dollar senior secured bonds to be issued by Diamond II Ltd. (DIL).

The outlooks on the ratings are stable.

Diamond II plans to on-lend the proceeds from the proposed U.S. dollar bonds to certain RPPL operating subsidiaries, RPPL and ReNew Energy Global plc (RNW), RPPL's Nasdaq-listed parent. In turn, RNW, RPPL and these RPPL subsidiaries will use the funds to repay existing debt and to fund general corporate purposes including capital expenditure.

“The rating affirmations reflect our view that the likelihood of shareholder support for RPPL has increased following Canada Pension Plan Investment Board's (CPPIB, Aaa stable) acquisition of additional equity stakes in RNW, owing to CPPIB's very strong financial profile and our expectation that it will remain supportive of RPPL's growth initiatives,” Moody’s said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.