The Suzlon Group today said rating agency CARE has upgraded the credit rating of its arm SE Forge Ltd.
"CARE has upgraded the credit rating of SE Forge Ltd (SEForge), a wholly-owned subsidiary of Suzlon Energy Ltd, to BBB+ from the earlier BBB," the company said in a filing to the BSE.
The performance of SE Forge exhibited significant progress as demonstrated by its improved financials and operational performance in the last fiscal.
Suzlon Group Chief Financial Officer Kirti Vagadia said, "SE Forge has demonstrated tremendous growth over the years."
The upgrading of the credit rating is a witness to the company's endeavour to increase volume, diversification across sectors, cost rationalisation and improved profitability, Vagadia added.
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