India Ratings & Research (Ind-Ra) has revised ('downgraded') the Long- term credit rating of Sterling and Wilson Solar Ltd (SWSL) from 'IND AA' to 'IND AA-'.
Fund-based limits - Rs. 300 crore - Long-term rating downgraded from IND AA / Stable; to IND AA- / Stable and short term rating affirmed as IND A1+.
Non-fund-based limits - Rs. 9700 crore - Long-term rating downgraded from IND AA / Stable; to IND AA- / Stable and short term rating affirmed as IND A1+.
Commercial Paper - Rs. 300 crore - Rating reaffirmed as IND A1+.
Non-Convertible Debentures - Rs. 100 crore - Rating assigned as IND AA- / Stable.
The revision in rating reflects a change in Rating Agency approach for rating SWSL. The Rating Agency had earlier factored in SWSL's strong operating and strategic linkages with its parent Shapoo1ji Pallonji & Company Private Limited (SPCPL) to arrive at SWSL's ratings.