• search

ICRA retains LA+(SO) rating to Rs 1,439 cr KNNL bond prog

Written by: Staff

New Delhi, Sep 11 (UNI) Credit rating agency ICRA today retained the LA+(SO) rating assigned earlier to the Rs 1,439 crore bond programmes of Karnataka Neeravari Nigam Ltd (KNNL), indicating adequate safety.

The rating takes into account the improvement in Karnataka government's (GoK) finances over the last few years supported by buoyancy in own revenues and the state's continued emphasis on fiscal discipline.

The rating is based on structured payment mechanisms incorporating unconditional and irrevocable guarantees from GoK and budgetary provision for the payment of interest and principal over the tenure of the bonds.

KNNL was incorporated in December 1998 by the GoK to finance and implement all irrigation projects in the Krishna basin, other than those under the Upper Krishna Project.

The aggregate project order book of KNNL was around Rs 13,200 crore, with expenditure yet to be incurred being around Rs 9,200 crore. KNNL had total borrowings of around Rs 1,915 crore outstanding on its books as on March 31, 2006.


For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more