Fitch assigns stable outlook to ReNew RG II's USD525 million notes at BB

Singapore, July 8 : Fitch Ratings has assigned a stable outlook to ReNew RG II's USD525 million senior secured notes due in 2024 and affirmed the rating at BB.
Fitch now rates ReNew RG II under the infrastructure and project finance rating criteria and renewable energy project rating criteria. ReNew RG II is a restricted group of operating subsidiaries owned by ReNew Power Pvt Ltd.
Fitch said the rating on notes reflects credit profile of RG's eight entities with a total operating power generation capacity of 636 MW in solar (56 per cent of total capacity) and wind (44 per cent) in India. The US-dollar notes represent joint and several obligations of the eight operating entities.
The rating benefits from restrictions on cash outflow and additional indebtedness of the RG, and reflects ReNew RG II's adequate financial profile, including interest income on inter-company loans extended to the parent at bond issuance.