New Delhi: The Indian Renewable Energy Development Agency Ltd. (IREDA) today secured a major international rating boost as S&P Global Ratings upgraded its long-term issuer credit rating from ‘BBB–’ to ‘BBB’, accompanied by a Stable Outlook. The company’s short-term rating was also revised from ‘A-3’ to ‘A-2’.
This upgrade places IREDA’s international credit rating on par with India’s sovereign credit rating, a recognition that underlines the company’s crucial, strategic role in supporting the nation’s renewable energy mission.
Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, expressed his delight, affirming the upgrade as a direct validation of the company’s financial discipline and its contribution to the country’s clean energy transition.
“We are delighted with this upgrade by S&P Global Ratings, which not only validates IREDA’s financial strength but also highlights our critical role in India’s renewable energy transition,” said Shri Das. “This alignment with the sovereign rating will enable us to access capital more competitively and deepen investor confidence in our long-term strategy.”
The CMD’s focus on maintaining a strong financial profile was cited by S&P Global Ratings, which considered the following key factors in its decision including, Robust asset quality, Sound capitalization and Strong liquidity profile.
The rating enhancement is expected to directly strengthen IREDA’s funding capabilities, reduce its cost of capital, and significantly enhance investor confidence across global capital markets, reinforcing its leadership as India’s premier green financing institution.
Shri Das also expressed appreciation for Team IREDA’s efforts and extended gratitude to the Hon’ble Union Minister for New & Renewable Energy; Hon’ble Minister of State for New & Renewable Energy; Secretary, MNRE; senior ministry officials; and the Board of Directors for their continued support.