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Bulletin: Tata Power Co. Ltd. Rating Unaffected By Proposed Hybrid Issuance
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
SINGAPORE (Standard & Poor's) April 25, 2011--Standard & Poor's Ratings Services said today that the rating on Tata Power Co. Ltd. (BB-/Positive/--) is unaffected by the proposed issuance of fixed to floating rate subordinated notes due 2071 that the company guarantees. We expect part of the proceeds of the notes to be used to refinance some of Tata Power's consolidated debt and the remaining to acquire coal resources for current and future projects. We expect the notes, with 'intermediate' equity content, to improve Tata Power's financial risk profile marginally in six months. Further improvement is likely over 12 to 18 months as cash flows from completed projects increase. We may reclassify the equity content assigned to the notes as 'minimal'...
Companies mentioned in this report are: Tata Power Co. Ltd.
Action: Bulletin
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