ICRA Nepal Upgrades Jhapa Energy Limited's Issuer Rating to B+

In a recent credit assessment, ICRA Nepal Limited has upgraded the issuer rating of Jhapa Energy Limited (JEL) to [ICRANP-IR] B+ from its previous position of [ICRANP-IR] B-. This upward revision indicates a slight enhancement in the energy developer's overall credit profile. However, the rating agency emphasized that despite the adjustment, the company's financial standing still carries a high risk of default concerning the timely settlement of financial obligations. ICRA Nepal further clarified that this issuer rating serves as a general evaluation of JEL’s institutional creditworthiness and is not tied to any specific debt instrument. Under ICRA Nepal's standard rating scale spanning from AA to C, modifiers like "+" or "–" denote relative standing within a specific grade, placing the current B+ status one notch above a flat B rating, and two notches ahead of its prior B- grade.