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IREDA

Credit Rating

Summary of Bonds / Bank Loans Rated by Rating Agencies

Rating Agency Instrument/Purpose/Issue Rating Date of issue/surveillance of rating
ICRA Limited Tax-free bonds (₹ 20000 million) Fiscal 2015-16 ICRA AA+ (Negative) Reaffirmed November 25, 2019
Taxable Green bonds (₹ 7000 million) Fiscal 2016-17 ICRA AA+ (Negative) Reaffirmed November 25, 2019
GOI Fully Serviced Bonds (₹ 16400 million) Fiscal 2016-17 ICRA AAA (Stable) Reaffirmed November 25, 2019
India Ratings Research Private Limited Tax-free bonds (₹ 20000 million) Fiscal 2015-16 IND AAA (Negative) Affirmed February 12,2020
Taxable Green bonds (₹ 7000 million) Fiscal 2016-17 IND AAA (Negative) Affirmed February 12,2020
Taxable Bonds (₹ 8650 million) Fiscal 2018-19 IND AAA (Negative) Affirmed September 19, 2018
Taxable Tier-II Sub Debt (₹ 1500 million) Fiscal 2018-19 IND AAA (Negative) Affirmed February 4, 2019
GOI Fully Serviced Bonds (₹ 16400 million) Fiscal 2016-17 IND AAA (Stable) Affirmed September 19, 2018
CARE Ratings Limited Taxable Bonds Series I, II, III, IV & V CARE AAA (CE), Stable October 4, 2019
Tax Free Bonds Series-XIII CARE AAA (CE), Stable October 4, 2019
Taxable Green bonds Sr. VIIA & VIIB (₹7000 million) Fiscal 2016-17 CARE AA+, Stable October 4, 2019
GOI Fully Serviced Bonds (₹ 16400 million) Fiscal 2016-17 CARE AAA, Stable October 4, 2019
Brickwork Ratings Brickwork Ratings Long Term Taxable Bonds Series II, III, IV & V BWR AAA (CE), Stable Reaffirmed March 13,2020
Tax Free Bonds Series-XIII BWR AAA (CE), Stable Reaffirmed March 13,2020
Taxable Bonds (₹ 8650 million) Fiscal 2019 BWR AAA , Stable Reaffirmed March 13,2020
  Taxable Tier-II Sub Debt (₹ 1500 million) Fiscal 2018-19 BWR AAA , Stable Reaffirmed March 13,2020

a) Bank loans

Rating agency Rating Term loans Issue date

Brickworks Rating

BWR AAA

Pronounced BWRTriple A)

Outlook: Stable

  • HDFC Term loan - Rs. 200 crore
  • SBI Term Loan – Rs. 1000 crore

29-03-2019

C) Masala Bonds

Rating Agencies Long Term Issuer rating Instrument Amount Raised Surveillance date

Moody’s Rating

Baa3, negative

Masala Bond

 

USD 300 Million

18-01-2019

Fitch Rating

BB+, stable

Masala Bond

USD 300 Million

14-12-2018

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