Fitch applies BBB- to NTPC notes

Fitch Ratings said it affirmed NTPC Ltd.’s long-term foreign- and local-currency issuer default ratings at BBB-.

The outlook is stable.

The agency also affirmed NTPC's senior unsecured rating of BBB- and the BBB- ratings on its $6 billion medium-term note program and notes issued under the program.

In addition, Fitch assigned the company's proposed senior unsecured notes an expected rating of BBB-(EXP). The notes are to be issued from its $6 billion medium-term note program.

The notes are rated at the same level as NTPC's senior unsecured debt rating, as they will constitute its direct, unconditional, unsubordinated and unsecured obligations, the agency explained.

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