India Ratings Migrates Siwana Solar Power Project to Non-Cooperating Category
India Ratings and Research (Ind-Ra) has migrated Siwana Solar Power Project Private Limited’s (SSPPPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as ‘IND BB(ISSUER NOT COOPERATING)’ on the agency’s website. The instrument-wise rating actions are as follows:
| Instrument Type | Date of Issuance | Coupon Rate | Maturity Date | Size of Issue (million) | Rating | Rating Action |
| Term loan | – | – | July 2023 | INR200 | IND BB(ISSUER NOT COOPERATING) | Migrated to Non-Cooperating Category |
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 19 August 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2012, SSPPPL operates a 5MW solar photovoltaic power plant in village Mithi, Bhiwani, Haryana under a 25-year power purchase agreement mechanism under the renewable policy of Haryana.
RATING HISTORY
| Instrument Type | Current Ratings | Historical Rating/Outlook | ||
| Rating Type | Rated Limits (million) | Rating | 19 August 2016 | |
| Issuer rating | Long-term | – | IND BB(ISSUER NOT COOPERATING) | IND BB/Stable |
| Term loan | Long-term | INR200 | IND BB(ISSUER NOT COOPERATING) | IND BB/Stable |
COMPLEXITY LEVEL OF INSTRUMENTS
For details on the complexity level of the instruments please visit https://www.indiaratings.co.in/complexity-indicators.
SOLICITATION DISCLOSURES
Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings.
Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.
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India Ratings and Research (Ind-Ra) is India’s most respected credit rating agency committed to providing India’s credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India’s fixed income market.
Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies, structured finance and project finance companies.
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Source: indiaratings.co.in
