Fitch upgrades IREDA's long-term IDRs to 'BBB-'; outlook negative

Fitch Ratings has upgraded Indian Renewable Energy Development Agency Ltd's (IREDA) long-term foreign and local-currency Issuer Default Ratings (IDRs) from 'BB+' to 'BBB-' with the government consistently guaranteeing the high level of the entity's debt.

The outlook is negative and the outlook on IREDA's long-term IDRs mirrors that on the 'BBB-' sovereign rating. At the same time, Fitch has upgraded the short-term IDR from 'B' to 'F3'.

IREDA is the flagship government-related entity (GRE) under the administrative control of the Ministry of New and Renewable Energy (MNRE). The company provides financing for and encourages investments in the renewable energy sector