Moody's rates Power Finance notes Baa3

Moody's Investors Service said it assigned a provisional Baa3 senior unsecured rating to Power Finance Corp. Ltd.'s $1 billion medium-term note program.

Moody's also said it assigned a Baa3 foreign-currency senior unsecured rating to the drawdown on the program.

The outlook is stable.

The ratings are supported by the government's 65.61% ownership in the company as of June 2018, the government's representation on the company's board, the company's classification as a public-sector undertaking and the strategic role the company plays in the government's plans for the power sector, Moody's said.

The program rating and long-term foreign currency senior unsecured rating are in line with the company's issuer rating of Baa3.

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