Fitch rates NTPC notes BBB-

Fitch Ratings said it assigned a final rating of BBB- to NTPC Ltd.'s 4¾% $500 million senior unsecured notes due 2022.

The notes are issued out of its $2 billion medium-term note program, which was upsized from $1 billion previously.

The assignment of the final rating follows a review of the final documentation materially conforming to the draft documentation previously received, Fitch said.

The ratings reflect the company's position as India's largest independent power generator, Fitch said.

The ratings also consider its robust business model with low off-take risks due to power deficit in the country and long-term power purchase agreements with state power utilities with pass through of reasonable costs and timely payment collections, the agency said.

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