Moody’s lifts four Indian GRI companies

Moody's Investors Service said it took a number of rating actions on Indian infrastructure government-related issuers, following the announcement that it upgraded India's sovereign rating to Baa2 stable from Baa3 positive on Nov. 16.

As a result of the sovereign rating action, the agency upgraded the ratings of the following GRIs companies:

• NTPC Ltd.: Upgraded issuer rating to Baa2 from Baa3 and revised outlook to stable from positive. The baa3 BCA is unchanged. Upgraded senior unsecured medium-term note program to provisional Baa2 from provisional Baa3;

• NHPC Ltd.: Upgraded issuer rating to Baa2 from Baa3 and revised outlook to stable from positive. The baa3 BCA is unchanged;

• National Highways Authority of India (NHAI): Upgraded issuer rating to Baa2 from Baa3 and revised outlook to stable from positive; and

• Gail (India) Ltd.: Upgraded issuer ratings to Baa2 from Baa3 and revised outlook to stable from positive. The baa3 BCA is unchanged.

"The upgrade in ratings for NTPC, NHPC, NHAI and GAIL follows the upgrade of the Indian sovereign rating and reflects the strategic importance of these entities to the country, as well as their close operational and financial links with the government," Moody's vice president and senior analyst Abhishek Tyagi said in a news release.

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