Crisil withdraws D rating for RInfra NCDs

New Delhi: Reliance Infrastructure (RInfra) said on Wednesday rating agency Crisil has withdrawn its D rating for the company's non-convertible debentures totalling Rs 710 crore.

"Crisil has withdrawn its 'D' ratings for Reliance Infrastructure's NCDs totalling Rs 710 crore. The company has repaid the NCDs from the funds received from the sale of Integrated Mumbai Distribution Business to Adani Transmission," RInfra said in a statement. Instruments with Crisil D rating are in default or are expected to be in default soon.

The company had informed the NCD holders that they would be paid out of the proceeds of the transaction, it said. Reliance Infrastructure said that earlier BWR (Brickwork Ratings) has withdrawn its 'D' rating for the NCDs amounting to Rs 418.70 crore and BWR C for the NCD amounting to Rs 50 crore of Reliance Infrastructure.

The company last week completed a transformational transaction of sale of its Mumbai Power Business and entire proceeds were used to pay off above mentioned debt and NCDs, the statement said. Reliance Infrastructure Chairman Anil D Ambani recently said he expects top-end ratings for the company with the closure of the deal for the Integrated Mumbai Distribution Business and drastic fall in debt liabilities.

RInfra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the infrastructure space and the defence sector.