Average spot power price dips nearly 3% to Rs 2.69 per unit in September Moody's assigns Ba2 rating to JSW Steel's notes, Fitch gives BB-minus

The average spot power price fell by 3% to Rs 2.69 per unit in September as compared to the year-ago period on the Indian Energy Exchange (IEX) mainly due to ample supply. The electricity market at IEX traded a volume of 5,675 million units (MU) last month, registering an year-on-year rise of 45%, an IEX statement said.

Moody's Investors Service on Monday assigned a Ba2 rating to the proposed senior unsecured notes to be issued by Periama Holdings LLC, a wholly-owned indirect subsidiar y of JSW Steel Ltd. The outlook on the rating is negative, it said. Meanwhile, Fitch Ratings assigned a BB-minus rating. Moody's said the proposed notes are backed by an unconditional, irrevocable corporate guarantee from JSW up to 125% of the notes' face value, and rank pari passu (on equal footing) with the company's existing senior unsecured debt.