Summary: National Thermal Power Corp.
- ID: 1781227
- August 2001
- Standard & Poors
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The rating on National Thermal Power Corp. (NTPC) reflects the company's dominant position in the Indian power generation industry and support from the government of India (GoI, foreign currency rating: BB/Stable/B; local currency rating: BBB/Stable/A-3). Other strengths include the company's track record in construction and operation of thermal power plants and a financial risk profile adequate for the current rating level. Key factors moderating the company's credit profile include the high and increasing level of outstanding receivables and their effect on its cash flow, and the tightening of tariff norms by the regulator, Central Electricity Regulatory Commission (CERC). The foreign currency rating of NTPC also reflects the sovereign credit risks associated with the Republic of India's foreign currency rating. NTPC,...
Companies mentioned in this report are: NTPC Ltd.
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