Rating agency Fitch has affirmed 'BBB-' rating to NTPC, indicating a low default risk on debt. "Fitch Ratings has affirmed NTPC Limited's long-term issuer default rating at BBB-. The outlook is stable," the agency said in a statement. The BBB rating indicates that expectations of a default risk are low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. According to the statement, NTPC's ratings benefit from its dominant market position and regulated business model, which provides certainty of cash flows. The agency has also affirmed NTPC's senior unsecured rating of 'BBB-' and the 'BBB-' on its USD 4 billion medium-term note programme. The company has managed its counterparty risk well with 100 per cent collection efficiency for the past 13 years despite a weak financial position of many of its customers.