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Summary of Bonds / Bank Loans Rated by Rating Agencies

The Company has raised resources through the issuance of Taxable Bonds, Tax-Free Bonds, and borrowings from banks and financial institutions. In this regard, it has obtained credit ratings from both domestic and international credit rating agencies. The details of ratings assigned by various credit rating agencies in respect of different debt instruments are given below:-

Domestic Credit Ratings
Domestic Rating Agencies
Ratings on Taxable/Tax-free Bonds, Perpetual Debt, Bank Borrowings and ECB Term Loans
Sl. No. Rating Agency Long Term Rating on Taxable / Tax-free Bonds / Sub Debts Long Term Rating on Perpetual Debt Rating on Bank Borrowings * Rating on ECB Term Loan
1 ICRA ICRA AAA (Stable) ICRA AA+ (Stable) ICRA AAA (Stable) / ICRA A1+ ** Not Applicable
2 CARE CARE AAA (Stable) Not Applicable Not Applicable Not Applicable
3 India Ratings IND AAA (Stable) IND AA+ (Stable) IND AAA (Stable) / IND A1+ ** IND AAA / Stable
4 Brickwork Ratings BWR AAA (Stable) Not Applicable Not Applicable Not Applicable
5 Acuité Rating Not Applicable Not Applicable ACUITÉ AAA (Stable) Not Applicable

* Bank Borrowings includes short-term loans.

** For short-term borrowing from banks.

International Credit Rating
International Rating of IREDA
Long-term and short-term issuer ratings by S&P Global
Sl. No. Rating Agency Long Term Issuer Rating Short Term Issuer Rating Outlook
1 S&P Global Ratings Limited BBB A-2 Stable
Rating Assigned on GOI Fully Serviced Bonds
GOI Fully Serviced Bonds
Ratings assigned by domestic agencies for GOI Fully Serviced Bonds
Sl. No. Rating Agency Instrument Rating
1 CARE Ratings Limited GOI Fully Serviced Bonds AAA (Stable)
2 India Ratings & Research Private Limited GOI Fully Serviced Bonds AAA (Stable)
3 ICRA Limited GOI Fully Serviced Bonds AAA (Stable)