The ratings reflect TPC''s stable cash flow from its licence business although this could change in a market-driven environment, a release said.

While the ratings factor the company''s improving financial profile, long-term tenure of TPC''s loans and strong financial flexibility, Crisil has said there is threat of potential loss of bulk consumers in Mumbai.

TPC''s exposure to the "inherently risky" telecom sector continues to remain an area of concern, although TPC''s incremental investment in the business is minimal, the release said.