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Crisil has upgraded its rating of Tata Power Company to 'Crisil AA' from 'Crisil AA-' on the non-convertible debentures and long-term bank facilities. The outlook on the rating has been revised to 'Stable' from 'Positive'. The rating on Tata Power's commercial paper programme has been reaffirmed at Crisil A1+. The rating upgrade has been driven by the deleveraging initiatives such as sale of non-core assets (South African wind asset and shipping business) and the preferential allotment of equity undertaken by the company. Shares of Tata Power closed 3.85 per cent higher at ₹55.30 on the BSE.
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