TNEBTamil Nadu Electricity Board
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The agency will further keep the A (so) rating on TNEB's bond programmes under watch with "developing" implications, it said.
The rating also incorporates TNEB's considerable debt-funded near- to medium-term capital expenditure plans.
These strengths are partially offset by the susceptibility of its operating margin to volatility in raw material prices, especially since the PPA with TNEB does not have a provision for fuel price escalation.