Acuite upgrades rating of Sterling & Wilson Solar’s commercial paper programme to ‘A2+’ – EQ Mag Pro
The rating upgrade is driven by an improvement in the liquidity position of the company.
Acuité has upgraded and placed its short-term rating of ‘ACUITE A2+’ from ‘ACUITE A2 on the Rs200cr Commercial Paper Programme of Sterling & Wilson Solar Limited (SWSL) on ‘Rating watch with developing implications’.
According to the rationale report, the rating upgrade is driven by an improvement in the liquidity position of the company mainly on account of the receipt of the outstanding ICD’s from its promoters.
Acuité has also placed the rating on watch with developing implication based on publicly available information regarding the sale of stake in SWSL to Reliance New Energy Solar Ltd (RNESL), a wholly‐owned subsidiary of Reliance Industries Ltd (RIL).
Acuité understands that the transaction is currently under process and is subject to approvals. Acuité will remain engaged with the management to track the status of the stake sale transaction and will resolve the rating watch once clarity emerges.
At around 12:06 PM, Sterling & Wilson Solar was trading at Rs433.55 apiece down by Rs5.1 or 1.16% on the BSE.
Source: indiainfoline
