Sri Lanka, April 6 -- Fitch Ratings has published the National Long-Term Rating of 'A(lka)' on WindForce PLC's proposed senior unsecured redeemable debentures of up to LKR4 billion. The notes are rated one notch below WindForce's National Long-Term Rating (A+(lka)/Stable) due to increasing structural subordination from secured debt at operating subsidiaries used to fund its capacity expansion.
WindForce's rating reflects its growing scale as a prominent renewable power generator in Sri Lanka and several regional markets, improving resource diversity and contractual cash flow from long-term power purchase agreements (PPAs). The rating is constrained by the implied credit quality of the key state-owned offtaker, National System Operator (Pvt...