Fitch rates Clean Renewable Power’s proposed USD notes first-time BB-minus
Singapore: Fitch Ratings on Monday assigned Clean Renewable Power (CRP) Mauritius Pte Ltd’s proposed US dollar senior secured notes due 2027 an expected rating of BB-minus with a stable outlook.
The rating on proposed notes reflects the credit profile of a restricted group of operating entities under Hero Future Energies, a subsidiary of Hero Future Energies Asia, an independent power producer in India with a renewable energy portfolio of more than two gigawatts of capacity, including assets under construction.
CRP is a financing vehicle incorporated in Mauritius and a wholly-owned subsidiary of Hero Future Energies Asia. CRP will use the proceeds of the proposed notes to subscribe to Indian rupee-denominated external commercial borrowing (INR ECB) bonds to be issued by the entities in the restricted group of companies.
The entities will use proceeds of INR ECB bonds primarily to refinance existing indebtedness and to repay or extend inter-corporate loans to the parent along with general corporate purposes.