Ind Ra assigns Suzlon Energy long-term issuer rating at 'BBB-/Stable'; Stock gains 3%

19 Apr 2022 , 11:41 AM

India Ratings and Research (Ind-Ra) has assigned Suzlon Energy Limited (SEL) a Long-Term Issuer Rating of ‘IND BBB-’. The Outlook is stable.

Further, non-fund-based facilities has been assigned at IND A3 rating when proposed long-term ratings has been assigned to IND BBB-/stable.

According to the rationale, proposed facilities have been rated for the proposed refinancing by Suzlon The Group (STG) which would be utilised for the repayment of existing term loans and non-fund-based limits. Hence, the overall rated limits, including term loans and non-fund-based limits, would remain equal or lower than Rs44.67 billion.

To assign the ratings, Ind-Ra has taken a consolidated view of SEL and its four subsidiaries in view of the operational and strategic linkages between the companies, said the rating agency.

At around 11:46 AM, Suzlon Energy was trading at Rs11.32 apiece up by Rs0.31 or 2.82% on the BSE.