ICRA cuts long-term rating of Reliance Power
Updated : June 20, 2019 08:50 AM IST
The credit rating agency ICRA has downgraded the long-term rating of Reliance Power from ‘BB’ to ‘C’ continuing to remain in the ‘Issuer Not Cooperating’ category
The report said, “The revision in the rating takes into the account the significant deterioration in the company’s financial position coupled with its stretched liquidity profile as also evident from considerable decline in the net cash accruals in FY 2018-19."
It further added that the liquidity profile of its key operating subsidiaries namely Rosa Power Supply Company Ltd (RPSCL) and Vidarbha Industries Power Limited continues to remain weak which in turn has impacted the surplus cash flow availability to the company.