CARE upgrades Long Term Rating of Suzlon Global Services to A (Provisional)
– Rating upgraded by 1 notch to A (Provisional) with stable outlook for proposed long term bank facilities
– Higher rating is indicative of strong credit profile of SGSL which has about ~11.30 GW of assets under its service
Suzlon Group, India’s largest renewable energy solutions provider, today announced that Suzlon Global Services Limited (SGSL), its wholly owned subsidiary, has received an upgrade to its credit rating for proposed long term bank facilities to A (Provisional) credit rating with stable outlook. CARE ‘A’ ratings are considered to have adequate degree of safety regarding timely servicing of financial obligations, carrying low credit risk.
The proposed facility will be primarily used to repay the debt at the group level to optimize the overall debt structure and interest cost.
Speaking on the occasion, Kirti Vagadia, Group Chief Financial Officer, said: “The upgrade in the credit rating is a testament of our continuous efforts towards improving overall operating performance along with strict financial discipline. The higher rating is indicative of strong credit profile of SGSL which has about ~11.30 GW of assets under service in India and constantly growing risk free annuity like cash flows. Suzlon’s established track record of over two decades, end-to-end solutions, diverse customer base, technology, pan-India presence, superior service capabilities, long tenure contracts and strong leadership position, gives further impetus to stakeholder confidence in our capabilities to significantly scale-up operations in the future.”
Shares of SUZLON ENERGY LTD. was last trading in BSE at Rs.16.35 as compared to the previous close of Rs. 16.4. The total number of shares traded during the day was 2978108 in over 2083 trades.
The stock hit an intraday high of Rs. 16.45 and intraday low of 16.1. The net turnover during the day was Rs. 48485212.