Moody's assign Ba3 rating to secured USD notes by Neerg Energy

Moody's has assigned the stable Ba3 rating to the senior secured USD notes issued by Neerg Energy Ltd to the senior secured notes issued by Neerg Energy.

"We have assigned a first-time Ba3 rating to the senior secured USD notes issued by Neerg Energy Ltd (the Issuer). The rating outlook is stable," the rating agency said in a statement.

According to the statement, the issuer's credit quality is closely linked to that of the seven operating companies that together form the restricted group, which in turn is owned by Renew Power Ventures Pvt Ltd (RPVPL, unrated) - Such linkage is established because Neerg will be the holder of Masala bonds that will be issued by the companies within the restricted group and supported by cash flows from the restricted group.

Holders of the USD notes that was issued by Neerg have a first ranking charge over the Masala bonds. On February 7 2017, Neerg has issued USD 475 million, which includes a slight top-up on the amount previously estimated for the issuance, it said.