Moody’s Investors Service has assigned an investment grade rating to state-owned Indian Renewable Energy Development Agency ltd's (IREDA) $300 million masala bond programme. “Moody's Investors Service has assigned a Baa3 rating to Indian Renewable IREDA’s $300 million equivalent Indian rupee-denominated senior unsecured bonds (the so-called IREDA Green Masala Bond),” the rating agency said in a release.
The bonds issued medium term note (MTN) programme will be listed on the london Stock Exchange (ISM) and the Singapore Exchange (SGX-ST). The rating outlook is stable, the ratings firm said. On the ratings rationale, it said company's standalone credit profile comes from it being the nodal agency to implement Government’s renewable energy initiatives.