The Indian Renewable Energy Development Agency Limited (IREDA) achieved a significant milestone by securing its first international credit rating. S&P Global Ratings Limited, a renowned international credit rating agency, assigned IREDA a ‘BBB-‘ long-term and ‘A-3’ short-term issuer credit rating, with a ‘Stable’ outlook.
This prestigious rating is expected to bolster IREDA’s presence in the international financial market, enabling the agency to access attractive sources of funding and support its future borrowing plans. In its rating update, S&P Global highlighted, ‘We rate IREDA one notch above our starting point for rating finance companies (fincos) in India to reflect ongoing government support.’
Pradip Kumar Das, Chairman & Managing Director of IREDA, expressed his satisfaction with this achievement, stating, ‘The international credit rating assigned to IREDA is a testament to our commitment to upholding the highest standards of corporate governance and maintaining the trust of our investors and stakeholders. This rating will support our efforts to secure funds at competitive rates and enhance our footprint in global markets. We remain focused on maintaining our strong market position, robust financial performance, and exemplary corporate governance to drive sustainable development.’
