CRISIL Upgrades Ratings of Suzlon Energy with Positive Outlook
Suzlon Group announced that CRISIL has upgraded the ratings of Suzlon Energy Ltd. to 'CRISIL BBB+/A2' from ‘CRISIL BBB-/A3‘ with a Positive Outlook for long-term and short-term facilities, reflecting the Company's strengthened financial position, operational excellence and favourable sectoral tailwinds.
September 27, 2023. By News Bureau
The rating upgrade is a result of Suzlon's successful reduction of debt by repaying the entire term debt through the proceeds of a qualified institutional placement (QIP) of approximately Rs. 2,000 crores.
The reduction in fund-based borrowings, steady cash flows from the operations and maintenance (O&M) services business, and improved business profile in the wind turbine segment have contributed to this upgrade.
Himanshu Mody, Chief Financial Officer, Suzlon Group said, "We are delighted with CRISIL's decision to upgrade our ratings to 'CRISIL BBB+/A2' with a Positive Outlook. This upgrade is a validation of our dedication to sound financial management, operational excellence, and sustainable expansion. By successfully repaying our term debt and improving our financial flexibility, we are better positioned to seize opportunities within the renewable energy sector and continue our growth journey."
This two-notch long term ratings upgrade and a Positive Outlook of CRISIL ratings largely indicate CRISIL's expectations of continued achievement given the Company’s strong business fundamentals and a favourable market environment for the Indian wind energy sector.
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