Suzlon Group announced that rating agency CARE has upgraded its investment grade credit rating to BBB from the earlier BBB- .
Kirti Vagadia, Chief Financial Officer, Suzlon Group said: “The improved credit rating is a testament of our efforts towards achieving the sustainable turnaround alongwith disciplined approach in managing operations. The upgraded rating is an evidence of our improved liquidity profile, working capital cycle, significant volume ramp-up and increase in order intake. 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.”