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CARE assigns Investment Grade (BBB-) rating to Suzlon

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Suzlon Group has announced that rating agency CARE has assigned an investment grade credit rating to its outstanding banks facilities as well as to the proposed commercial paper instrument. The rating is valid until September 15, 2016. Below schedule gives the facility wise rating:

  Particulars

Amount (Rs. Crs)

Rating Assigned

Long Term Rupee Denominated Term Loans

2,744

BBB-

Fund Based Working Capital Limits

2,192

BBB-

Total Fund Based

4,936

 

 

 

 

SBLC Backing AERH Bonds

3,928

BBB-

Non Fund Based Working Capital Limits

5,622

A3

Total Non-Fund Based

9,550

 

 

 

 

Proposed Commercial Paper

1,000

A3

Speaking on the occasion, Mr. Kirti Vagadia, Chief Financial Officer, Suzlon Group said: “We are pleased to announce that we have been upgraded to Investment grade (BBB-) from D rating (in 2012). The rating clearly demonstrates our restored credibility on account of significant deleveraging, strong industry outlook, our sizable order-book, order pipe-line and strong operating performance. We have maintained strict discipline from the beginning of the current financial year towards timely payment of all our financial obligations.

While a strong credit profile definitely helps in getting timely and cost effective finance, it is also a big credibility booster for various stakeholders, which is extremely critical in our industry.

Government’s clear thrust on renewables and our constant efforts to bring down the cost of energy has resulted into favorable business outlook. We are committed to create maximum stakeholder value by relentlessly working towards powering a greener tomorrow.”

Business | News published on 08 / 10 / 2015 by Rashmi Nargundkar

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