National Thermal Power Corporation Ltd.

• Bond Issue-Rs.1332 million Rating : AAA         
• Bond Issue- Rs.543 million Rating : AAA
• Fixed Deposit Programme Rating : FAAA
• Commercial Paper Programme- Rs.2500 million Rating : P1+

CRISIL has placed the outstanding ‘AAA’ (pronounced ‘triple A’) ratings assigned to the Rs.1332 million and Rs.543 million Bond programmes of National Thermal Power Corporation Ltd. (NTPC) under Rating Watch with developing implications. The outstanding ‘FAAA’ (pronounced ‘F triple A’) rating assigned to the Fixed Deposit Programme and ‘P1+’ (pronounced ‘P one plus’) rating assigned to Rs.2500 million Commercial Paper Programme of NTPC have also been placed under Rating Watch with developing implications. Listing a rating under RatingWatch does not imply that CRISIL will necessarily change the rating. RatingWatch merely identifies the possibilities of changes in CRISIL ratings of the debt instruments. CRISIL places rating of an instrument on RatingWatch when circumstances arise, the impact of which needs to be evaluated in terms of credit rating. CRISIL puts ratings on RatingWatch with Positive, Negative or Developing Implications. ''Positive'' Implications mean that a rating may be upgraded; ''Negative'' means a rating may be downgraded; and ''Developing'' means that a rating may be upgraded, downgraded or reaffirmed.

The outstanding ratings have been put on Rating Watch with developing implications in view of the Union Power Ministry’s proposed initiative as per which NTPC will buy out the Government of India’s (GoI) 100% stake in National Hydroelectric Power Corporation Ltd. (NHPC). CRISIL would make a detailed evaluation of the impact of the proposed transaction upon credit profile of the rated instruments and will announce its final view on the rating in due course.