Summary: NTPC Ltd.
Standard & Poors, November 2006
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.
Abstract
NTPC Ltd. (NTPC) owns and operates coal, gas, and naphtha-based electricity generation units in India. It sells electricity to the state government-owned electricity utilities (SEUs). At Oct. 31, 2006, NTPC had installed generation capacity of 26,404 MW, accounting for about 20% of the country's installed capacity. For the year ended March 31, 2006, NTPC had operating revenues of Indian rupee (Re) 273 billion (US$6.2 billion) and net income from continuous operations of Re58 billion. The ratings on NTPC reflect the following weakness: Financially weak customers. Financially weak customers affect the certainty of NTPC's cash flows. The SEUs have consistently reported operating losses, and often face cash flow difficulties. In the past, there has been a significant build-up of receivables as...
Companies mentioned in this report are: NTPC Ltd.
Action: Review
NTPC Ltd.
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