Ind-Ra Downgrades Sterling and Wilson Solar to ‘BBB+’, Revises Rating Watch to Evolving
Ind-Ra continues to analyze SWSL and its subsidiaries on a consolidated basis.
India Ratings and Research (Ind-Ra) has downgraded Sterling and Wilson Solar Limited’s (SWSL) Long-Term Issuer Rating to ‘IND BBB+’ from ‘IND A’ while revising the Rating Watch to Rating Watch Evolving (RWE) from Rating Watch Negative (RWN).
Ind-Ra continues to analyse SWSL and its subsidiaries on a consolidated basis, in view of the strong operational and financial linkages among the entities.
The downgrade reflects Ind-Ra’s expectations that the consolidated operating performance might have deteriorated in FY21 and FY22 cash flows could be significantly weaker than the agency’s earlier expectations.
On Friday, Sterling & Wilson ended at Rs241.40 per piece higher by 0.40% on Sensex.