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`AA+' reaffirmed for Gujarat Gas debentures

Our Bureau

MUMBAI, April 16

CRISIL has reaffirmed the `AA+' rating assigned to Gujarat Gas Company Ltd's (GGCL) Rs 7,500-crore non-convertible debenture (NCD) programme.

The ratings reflect GGCL's widespread natural gas distribution infrastructure and its contract to purchase additional NG from Cairns Energy. Higher gas transmission revenues from the Hazira-Ankleshwar gas pipeline is expected to stabilise GGCL's cash flows, a news release said.

The rating agency has warned of probable exposure to bulk customers with a potentially weak credit quality.

The company has not yet tied up the marketing of almost 80 per cent of additional volumes purchased, the release said.

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