Fitch rates State Power notes A, securities A-

Fitch Ratings said it assigned an A rating to the proposed senior unsecured notes and a rating of A- to the proposed perpetual securities to be issued by SPIC MTN Co. Ltd. Fitch also assigned a rating of A to the proposed guaranteed bonds and a rating of A- to the proposed notes that carry a keepwell undertaking to be issued by SPIC Luxemburg Latin America Renewable Energy Investment Co. Sarl.

The State Power Investment Corp. Ltd. will guarantee the notes and the securities.

“The perpetual securities are rated one notch lower than the senior notes due to the coupon deferral feature of the proposed perpetual securities, in accordance with Fitch’s corporate hybrids treatment and notching criteria,” the agency said in a press release.

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