Financial Daily from THE HINDU group of publications
Tuesday, Feb 17, 2004

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`BB' rating for NTPC bond issue

Our Bureau

Mumbai Feb. 16

STANDARD & Poor's Ratings Services assigned its BB rating to National Thermal Power Corporation's proposed senior unsecured $200 million bonds. Proceeds from the bonds are to be used to fund NTPC's capital expenditure on expanding its electricity generation facilities.

According to Mr Sharad Jain, Standard & Poor's credit analyst: "The main concern for NTPC's cash flow protection remains the financial weakness of its customers — the SEUs in India. They consistently report operating losses and often face cash flow difficulties, creating persistent and inordinate delays in payment of their financial and contractual obligations."

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