Mytrah Energy (India) Pvt Ltd (MEIPL), one of the leading independent renewable power producers of India, today announced that Ind-Ra has upgraded the long-term credit rating by 2 notches from ‘BBB’ to ‘A-’ and the short-term rating is also upgraded from A3 to A2+.
Commenting on this development Vikram Kailas, VC & MD of Mytrah Energy said “We are exhilarated by the improvement in our rating. This development reinforces the fact that we are now more commercially and operationally stable, and primed to take growth curve to the next level. The upgrade is a reassertion of Mytrah’s strengths as we work towards achieving our vision of creating secure energy future for India.”
The advancement in the rating for the company was granted based on below rating drivers:
Ind-Ra described the rating with a positive remark that Mytrah Energy has showcased a substantial increase in the portfolio size which was backed by an adequately funded growth plan, improvement in asset and counterparty diversification, timely execution of pipeline capacities resulting in healthy cash generation.
Mytrah presented the following achievements over the last few years:-
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