India Ratings & Research (Ind-Ra) has affirmed Rural Electrification Corporation (REC) long-term issuer rating at 'AAA'. The outlook is stable.

Ind-Ra has also assigned REC's Rs 370 billion annual borrowing programme for FY14-FY15 a long-term 'AAA' rating, and its Rs 50 billion short-term debt/commercial paper programme (including bank guarantee), which is part of its total debt programme, a short-term 'A1+' rating.

Shares of the company declined Rs 4, or 1.65%, to trade at Rs 238.65. The total volume of shares traded was 48,903 at the BSE (11.42 a.m., Monday).