Noida : Inox Wind Limited (IWL), India’s leading wind energy solutions provider, announced today that Care Ratings (CARE) has upgraded the ratings for the Company’s banking facilities.
CARE has ascribed the following ratings:
• ‘CARE A1+’, the highest rating for Short Term Bank Facilities, upgraded from CARE A1. The rating upgrade further demonstrates IWL’s strong financial position as the company utilises most of its banking facilities by way of letter of credits (LC) and bank guarantees (BG).
• ‘CARE A+ / STABLE’ rating assigned on IWL’s Long Term Bank Facilities, upgraded from CARE A / Stable. These facilities are rarely utilised for cash management purposes only, since IWL’s balance sheet is already net cash positive.
It is pertinent to note that over the past fortnight, CARE is the second rating agency to ascribe the highest ratings for IWL’s short term banking facilities. CARE’s rating upgrade reflects the improvement in IWL’s business risk profile on the back of substantial improvement in operating and financial performance. IWL’s business is expanding at a rapid pace buoyed by a strong growth outlook in its order execution and profitability going ahead. Its robust order book of ~ 3.5 GW is supported by a large order pipeline, as India surges ahead to add renewable capacities on a massive scale over the next decade.
