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January 9, 2008 |
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TATA POWER: Board to Consider Oct.-Dec. 2007 Results on Jan. 29 Tata Power Company Ltd has informed the Bombay Stock Exchange that its board of directors will hold a meeting on Jan. 29, 2008. The board, among others, will consider and take on record the company's audited financial results for the quarter ended Dec. 31, 2007. As previously reported by the Troubled Company Reporter-Asia Pacific, Tata Power recorded a profit after tax of INR2.799 billion for the quarter ended Dec. 31, 2006. Tata Power Company Ltd. -- http://www.tatapower.com/ -- is a licensee engaged in generation and supply power to bulk consumers in the Mumbai metropolitan area. The company operates four thermal plants with a combined capacity of 1,350 MW, and three hydroelectric plants aggregating 447 MW; all of these supply power to the Mumbai licence area. The company also has a plant that supplies power to Tata Steel. In addition, Tata Power has an 81-MW independent power project at Belgaum that sells power to Karnataka Power Transmission Corporation Limited. * * * Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered its corporate credit rating on India's Tata Power Co. Ltd. to 'BB-' from 'BB+'. The outlook is stable. At the same time, the rating on Tata Power's US$300 million senior unsecured bonds have been lowered to 'BB-' from 'BB+'. Moody's Investors Service, on July 3, 2007, downgraded the corporate family rating of Tata Power Company to Ba3 from Ba1. At the same time, Moody's has downgraded its senior unsecured bond rating to B1 from Ba2. The ratings outlook is negative. |
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