Renewable energy solution provider Suzlon Group today said that rating agency CARE has upgraded its investment grade credit rating to BBB from the earlier BBB- .
"The rating has been assigned to Suzlon's outstanding bank facilities as well as for the proposed working capital enhancements," Suzlon Group said in a release.
Commenting on this Suzlon Group Chief Financial Officer Kirti Vagadia said,"The upgraded rating is an evidence of our improved liquidity profile, working capital cycle, significant volume ramp-up and increase in order intake.
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Our back-ended debt maturity profile, healthy order book, significant reduction in our debt and interest cost, two times increase in turnover has given added comfort to our stakeholders."
The Suzlon Group is one of the leading renewable energy solutions providers in the world with an international presence across 19 countries in Asia, Australia, Europe, Africa and North and South America.
With over two decades of operational track record, the Group has a cumulative installation of approximately 15.5 GW of wind energy capacity, over 8,000 employees with diverse nationalities and world-class manufacturing facilities.
The company recently forayed into solar space. The Group, headquartered at Suzlon One Earth in Pune, is comprised of Suzlon Energy Limited and its subsidiaries.
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