S&P upgrades Greenko Energy to 'BB-' on improving business position

Greenko Energy Holdings' stabilising operating performance with greater resource diversity and manageable execution risk for pumped storage projects will strengthen its business position, S&P said

Global rating agency Standard and Poor's (S&P) has upgraded its long-term issuer credit rating on India-based Greenko Energy Holdings from "B+" to "BB-" on improving business position. The outlook is stable.

Greenko Energy Holdings' stabilising operating performance with greater resource diversity and manageable execution risk for pumped storage projects will strengthen its business position, the rating agency said in a statement.

The stable outlook reflects the view that Greenko will improve its operating performance to about P90 (meeting expected power generation levels at least 90 per cent of the time), backed by a larger and diversified portfolio of assets.

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