CARE Rating Agency has assigned CARE AA [Double A] rating to long term bank facilities for the amount of Rs 115.51 crore of Raillway Energy Management Company Limited.
The ratings assigned to the bank facilities of Railway Energy Management Company Limited (REMCL) derives strength from the company's strong percentage, strategic importance of the company for Indian Railways resulting in healthy revenue visibility and low counterparty risk as REMCL's entire business is conducted with Indian Railways. The rating also factors in satisfactory operational performance of REMCL's wind power plant, the company's healthy profitability margins and its comfortable debt coverage indicators. The rating is however constrained by the company's limited track record of operations and exposure of wind power plant to dimatic conditions and technological risks.
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