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Suzlon Energy ends 8% up after CARE BBB rating

The stock surged after the wind turbine manufacturer secured an investment credit rating for its long-term loan facilities after about three years.

BT Online | October 9, 2015 | Updated 17:24 IST
Suzlon Energy ends 8% up after CARE BBB rating
Photo: Reuters

Shares of Suzlon Energy surged over 11 per cent in trade on Friday after the wind turbine manufacturer secured an investment credit rating for its long-term loan facilities after about three years.

The stock ended 8.13 per cent higher at Rs 23.95 after rising as much as 11.2 per cent to Rs 24.65.

Rating agency CARE has assigned an investment grade credit rating to the company's outstanding bank facilities as well as to the proposed commercial paper instrument.

"CARE has assigned BBB- credit rating assigned for long-term bank facilities and fund-based working capital limits," said the company in a statement.

Instruments with 'CARE BBB' rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.

Suzlon Group Chief Financial Officer Kirti Vagadia said, "We are pleased to announce that we have been upgraded to Investment grade (BBB-) from D rating (in 2012)."

On tuesday, Suzlon Energy won a repeat turnkey order of 100.8 MW from Orange Renewable, a subsidiary of AT Holdings, Singapore.

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