August 10, 2015

CARE assigns Investment Grade (BBB-) rating to Suzlon

  • CARE BBB- credit rating assigned for Long Term Bank Facilities and fund based working
  • capital limits
  • CARE A3 credit rating assigned for Non Fund Based Working Capital Limits and proposed
  • Commercial Paper

Mumbai, India: Suzlon Group, one of the leading wind turbine manufacturers, today announced that
rating agency CARE has assigned an investment grade credit rating to its outstanding banks facilities
as well as to the proposed commercial paper instrument. The rating is valid until September 15,
2016. Below schedule gives the facility wise rating:

Particulars                                             Amount (Rs. Crs)          Rating Assigned

Long Term Rupee Denominated           2,744                               BBB-
Term Loans Fund Based Working        2,192                                BBB- 
Capital Limits 
TotalFund Based                                   4,936

SBLC Backing AERH Bonds               3,928                               BBB-
Non Fund Based Working 
Capital Limits                                       5,622                               A3
Total Non-Fund Based                          9,550

Proposed Commercial Paper                1,000                              A3

Speaking on the occasion, Mr. Kirti Vagadia, Chief Financial Officer, Suzlon Group said: “We are
pleased to announce that we have been upgraded to Investment grade (BBB-) from D rating (in
2012). The rating clearly demonstrates our restored credibility on account of significant deleveraging,
strong industry outlook, our sizable order-book, order pipe-line and strong operating performance.
We have maintained strict discipline from the beginning of the current financial year towards timely
payment of all our financial obligations.

While a strong credit profile definitely helps in getting timely and cost effective finance, it is also a big credibility 
booster for various stakeholders, which is extremely critical in our industry.

Government’s clear thrust on renewables and our constant efforts to bring down the cost of energy
has resulted into favorable business outlook. We are committed to create maximum stakeholder
value by relentlessly working towards powering a greener tomorrow.”


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Dharini Mishra
Tel: +91 (20) 67025000