ICRA cuts Suzlon Energy's ratings to D

(SeeNews) – Aug 20, 2012 – Indian rating agency ICRA has cut to D from BB with a "negative" outlook its ratings on the long-term credit facilities of Suzlon Energy Ltd and its eight Indian units.

The service also lowered to D from A4 the ratings on the short-term credit facilities of the wind turbine maker.

The rating downgrade was attributed to the company's inadequate debt servicing due to liquidity pressure amidst the worsening of its operating results and the working capital-intensive nature of its business.

The company reported a net loss of INR 8.49 billion (USD 152m/EUR 124m) for the first quarter of fiscal year 2013 on operating income of INR 47.71 trillion.

Rating agency website: www.icra.in

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