IREDA rating has been downgraded by Brickworks.
The downgrade of the ratings of facilities of Indian Renewable Energy Development Agency Ltd
(IREDA or the ‘Company’) is on account of continued non cooperation from the management of the
company, lack of lender feedback and as per the regulatory guidelines. BWR clarifies that the
downgrade is not based on the operational performance of the company, but on the regulatory
requirements of downgrading a rating in investment grade in the Issuer Not Cooperating category to the
non-investment grade after six months. As per the Q3FY24/9M FY24 results, the company continues to
perform well.
It’s strange why the management have not co-operated with them. Minor setback.
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