REC Senior Unsecured Note Rated Baa3 And BBB By Moody And Fitch

New Delhi: Fitch Ratings has assigned India-based REC Limited's proposed senior unsecured note rating of 'BBB-/Stable' and Moody’s has assigned a rating of ‘Baa3’ on the same. The notes will be issued from REC's existing USD7.0 billion global medium-term note programme (GMTN). The net proceeds will be used for financing power projects in accordance with the approvals granted by the Reserve Bank of India and the guidelines for External Commercial Borrowings. The current aggregate amount of bonds issued under the GMTN programme is USD2.7 billions.