- Published: July 2011
- Region: Global
Summary: NTPC Ltd.
- Published: April 2010
- 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 NTPC Ltd. reflects its dominant market position, cost-competitive operations, favorable regulatory environment and strong cash flow measures and liquidity. These strengths are offset by aggressive capital expenditure plans, weak credit quality of customers, and India's (BBB-/Stable/A-3) country and macroeconomic risk. The rating is below our assessment of NTPC's stand-alone credit profile of 'BBB' to reflect our expectation of potential negative intervention from the government if it comes under significant fiscal or external stress. NTPC is India's largest power company with an installed capacity of more than 31,000 MW (including about 2,800 MW through joint ventures) spread across the country as of March 31, 2010. The company registered revenue of more than Indian rupee (INR) 465 billion for...
Companies mentioned in this report are: NTPC Ltd.
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