NHPC's receivables are secured through letters of credit

and a tripartite agreement (which expired in October 2016) between the central government, central bank and states.

and a tripartite agreement (which expired in October 2016) between the central government, central bank and states. The company is in the process of extending the tripartite agreements, it

said.

NHPC has moderate linkages with its largest shareholder, the state of India (BBB-/Stable), which owns 74.5 per cent of the company.

NHPC's position as the largest hydropower generation company in India drives its strategic linkages with the state.

It has received tangible financial support from the state, including unsecured debt of around Rs 30 billion as at end-March 2016.

NHPC's standalone credit profile is assessed at 'BBB-', reflecting its robust operating and financial profile. The company will benefit from a one-notch rating uplift, due to its moderate

linkages with the state, should its standalone credit profile fall below that of India.

"We expect NHPC's cash balance to fall sharply from around Rs 80 bn as of end-March 16 due to the large dividend and share buyback announced by the company. The interim dividend and share

buyback is likely to result in cash outflow of Rs 48.5 billioin during FY17. However we expect NHPC's liquidity to remain comfortable given its strong access to the Indian banks and capital

market. NHPC has only long-term debt with maturities mostly well spread out," it added.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)

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