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Our Bureau

Mumbai , Oct. 14

TATA Power Company Ltd's Rs 1,000-crore and Rs 500-crore non-convertible debenture programmes have received the highest LAAA rating from Investment Information and Credit Rating Agency (ICRA).

The earlier rating was LAA+, informed a press release issued by the company. The LAAA rating is the highest credit quality rating assigned by ICRA, and signifies the lowest credit risk.

The rating revision takes into consideration the company's stable cash flows from the licensee area and reduced vulnerability to competitive pressures given the energy deficit in the Western region. Clarity on regulatory issues with the Maharashtra Electricity Regulatory Commission's (MERC) announcement of tariff principles that would be adopted from this year; and sale of non-core assets, which has offset the impact of lower operating profitability have also been taken into account.

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