ICRA assigns [ICRA]A(Stable)/[ICRA]A2+ ratings to bank facilities of three step-down subsidiaries
ICRA Limited, through releases dated 23rd October 2026, has assigned the rating [ICRA]A(Stable)/[ICRA]A2+ to the long-term bank facilities of three step-down wholly owned subsidiaries of JSW Energy — JSW Renew Energy Thirty Seven Limited.
By ScoutQuest · · 2 min read
- Rating Assigned
- [ICRA]A(Stable)/[ICRA]A2+
- Rating Action
- Assigned
- Rated Entities
- JSW Renew Energy Thirty Seven Limited, JSW Renew Energy Thirty Eight Limited and JSW Green Energy Nineteen Limited
What was announced
- JSW Energy informed the exchanges that ICRA Limited, through its releases dated 23rd October 2026, has assigned credit ratings to the long-term bank facilities of three step-down wholly owned subsidiaries.
- The rating action in each case is "Assigned" — a fresh rating being given, not an upgrade or a downgrade.
The three subsidiaries and their ratings
- JSW Renew Energy Thirty Seven Limited: [ICRA]A(Stable)/[ICRA]A2+
- JSW Renew Energy Thirty Eight Limited: [ICRA]A(Stable)/[ICRA]A2+
- JSW Green Energy Nineteen Limited: [ICRA]A(Stable)/[ICRA]A2+
How to read the symbols
- The first part, [ICRA]A, is the long-term rating. Ratings in the "A" category indicate a borrower with a high degree of safety regarding timely servicing of financial obligations, though somewhat more susceptible to adverse economic conditions than higher categories.
- "Stable" is the outlook, which signals the agency's current view that the rating is unlikely to change in the near term.
- [ICRA]A2+ is the short-term rating, used for obligations due within a year, and sits in the higher range of the short-term scale.
- Here both a long-term and a short-term symbol are shown against the long-term bank facilities, which is a common presentation for facilities that can be drawn for varied tenors.
Why the structure matters
- The rated entities are step-down wholly owned subsidiaries of JSW Energy — that is, they sit below the listed company in the group structure and are fully owned through that chain.
- A rating assigned at the subsidiary level relates to the debt facilities of those specific entities, not to the parent's own borrowings.
Where the details sit
- The company has stated that ICRA's press releases in this regard are available on the agency's website, www.icra.in.
- The disclosure is made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
What a reader can take away
- This is a third-party credit opinion on the borrowing arms of the company's renewable business, expressed through a rating symbol rather than through any financial figure.
- The rating is the same for all three subsidiaries and the outlook is Stable, which reflects the agency's view at the time of assignment.
Also from JSW Energy
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22 Oct 2026
Board meeting on 28 October to approve September quarter results and fund-raising plans
22 Oct 2026
Certified copy of NCLT order sanctioning Scheme of Arrangement with GE Power India received
14 Oct 2026
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