Business Brief Moody's Assigns Baa2 Rating with Stable Outlook to PowerGrid

New Delhi, Oct 8 (PTI) Moody's Investors Service Friday said it has assigned a Baa2 issuer rating to state-run Power Grid Corporation with stable outlook.

"Power Grid's Baa2 rating reflects its baseline credit assessment (BCA) of baa2. The rating does not factor in any uplift from the government due to the high baa2 BCA relative to the Baa2 sovereign rating," says Abhishek Tyagi, a Moody's Vice President and Senior Analyst in a statement.

According to the statement, Moody's, however, considers that Power Grid will receive a very high likelihood of support from the government in case of need, particularly in light of the strategic nature of Power Grid's assets to the transmission of power, as well as the government's 56.27 per cent ownership of Power Grid.

"Power Grid's standalone credit strength reflects its strong competitive position, favourable regulatory environment for electricity transmission in India, strong financial profile, cost-plus tariff structure and payment support system which mitigates debtors' payment defaults," Tyagi added.

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A two-day food and beverage show -- Indusfood -II -- will be organised in Greater Noida on January 14-15 next year, the commerce ministry said Monday.

European supermarket chains and manufactures of processed food has shown interest in sourcing their food and beverage requirements from the fair, which is organised by Trade Promotion Council of India jointly with Department of Commerce.

The fair will showcase India's best line-up of food, beverages and agri products to global buyers.

The show will see participation of foreign government delegations and representatives of large companies involved in strategic purchase of food commodities.

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