IREDA Secures International Credit Rating from S&P, Marks Milestone in Renewable Energy Sector
New Delhi: Union Minister for New and Renewable Energy, Pralhad Joshi, has announced that India’s IREDA (Indian Renewable Energy Development Agency Limited) has obtained an international credit rating in the renewable energy sector.
The Minister expressed happiness that IREDA has taken a step towards a new milestone by obtaining its international credit rating today.
IREDA has achieved a significant accomplishment by receiving an international credit rating from S&P.
The Minister shared that the international credit rating agency, S&P Global Ratings Limited, has assigned ‘BBB-‘ long-term and ‘A-3’ short-term issuer credit ratings to IREDA with a ‘Stable’ outlook.
The Minister stated that this internationally obtained rating will enable IREDA to further expand its operational scope in the international market.
In the rating update released by S&P Global today, IREDA, which has made its mark, has described its achievement as “inspired by the support provided by the Central Government.”
The Minister proudly stated that the agency has also assured that “we will rate IREDA one notch above our starting point for rating finance companies (FinCos) in India.”
IREDA Chairman and Managing Director Pradip Kumar Das has also expressed satisfaction with this achievement of the organization. He said, “This international credit rating awarded to IREDA is a testament to maintaining high quality. Moreover, it stands as evidence of our commitment to retaining the trust of our investors.”
He mentioned that this rating supports efforts to obtain competitive rates and establish a footprint in global markets while achieving sustainable development.
Minister Pralhad Joshi asserted that they will maintain their strong market position in the renewable energy sector, robust financial performance, and exemplary corporate governance.
