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Our Bureau

Mumbai, May 9

Standard & Poor's ratings services on Wednesday placed `BB+' long-term foreign and local currency corporate credit ratings on Tata Power Company Ltd. It placed the company on credit watch with negative implications reflecting significantly greater concerns on the company's debt and on its exposure to higher project completion, stabilisation, and counter-party risks, according to a press release issued by the ratings agency. In October 2006, the rating outlook was revised to negative from stable after the company announced its $541-million investment plan and its intention to proceed with the Rs 4,000-crore Maithon power project.

In April 2007, Tata Power announced the acquisition of special purpose entity Coastal Gujarat Power Ltd. It also declared the finalisation of agreements to acquire 30 per cent stakes in two Indonesian coal producers for about $1.1 billion.

More Stories on : Credit Rating | Power | Tata Power Co. Ltd

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