ICRA Nepal Updates Ratings: Upgrade for Aashutosh Energy, Withdrawal for Upper Solu, and Downgrade for Three Star Hydropower

ICRA Nepal Limited has upgraded Aashutosh Energy Limited’s issuer rating from [ICRANP-IR] BB+ to [ICRANP-IR] BBB-, indicating a moderate degree of safety in meeting financial obligations with moderate credit risk. The rating reflects general creditworthiness, not specific debt instruments. Rating categories may include “+” or “–” signs to show relative positions, where BB+ is one notch above BB, and BB- is one notch below.

Similarly, ICRA Nepal Limited has withdrawn the [ICRANP-IR] BB+ issuer rating of Upper Solu Hydro Electric Company Limited after the company requested the withdrawal.

Also, ICRA Nepal Limited has revised Three Star Hydropower Limited’s issuer rating to [ICRANP-IR] D ‘Issuer Not Cooperating’ from [ICRANP-IR] D, indicating the company is in default or likely to default soon. The rating reflects general creditworthiness, not specific debt instruments.