Bengaluru, 27th March 2024: Suzlon Group, India’s largest renewable energy solutions provider, today announced that CRISIL Ratings has upgraded its ratings to ‘A-‘ with Positive Outlook in alignment with the company’s strengthened financial position, operational excellence and favourable sectoral tailwinds.
CRISIL highlighted in the rating rationale that “the rating upgrade factors in, higher than expected improvement in the margins of WTG business while maintaining healthy cash flow generation from the O&M services business, and an uptick in the order book providing visibility for future revenues.”
CRISIL Ratings upgraded its ratings on the bank facilities of Suzlon to ‘CRISIL A-/Positive/CRISIL A2+’ from ‘CRISIL BBB+/Positive/CRISIL A2’.
Himanshu Mody, Chief Financial Officer, Suzlon Group said, "We are delighted with bank facilities rating upgrade by CRISIL, which is aligned with our efforts to achieve financial flexibility, and indicative of the robust financial position of the company. Achieving this milestone reflects our continuous focus on sound financial management, operational excellence, and sustainable growth. By successfully repaying our term debt and improving our financial flexibility, we are better positioned to seize growing opportunities within renewable energy and continue our journey of leading the sector."
This long term ratings upgrade and a Positive Outlook of CRISIL Ratings largely indicate CRISIL's expectations of continued achievement given the Company’s strong business fundamentals and a favourable market environment for the Indian wind energy sector.
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