Ind-Ra Withdraws Sterling & Wilson Solar’s CP Ratings on Request

Credit rating agency India Ratings and Research (Ind-Ra) has withdrawn its rating assigned to Sterling & Wilson Solar (SWSL), a Shapoorji Pallonji Group company, on the Rs 300 crore Commercial Paper (CP) programme.

The company said that “on its request, India Ratings & Research has withdrawn the ratings assigned on the Rs 300 crore Commercial Paper (CP) programme of the company on April 09, 2020.”

The credit rating agency has withdrawn the SWSL rating after it has fully repaid the Commercial Papers issued under the programme and there is no outstanding CP as on date, it added.

However, SWSL will continue to have the ‘A1+’ rating on the CP programme of the company from Acuité Ratings & Research Ltd.

Recently, the company received additional Rs 500 crore against loans outstanding from Sterling and Wilson Pvt Ltd (SWPL) and it’s subsidiary Sterling and Wilson International FZE (SWFZE), which was facilitated by Shapoorji Pallonji and Company Pvt Ltd and Khurshed Daruvala (Promoters), as per the revised schedule of repayment approved by SWSL board.

Further, the company, which is one of the leading solar EPC solutions providers, said that it will utilize the proceeds to reduce its external borrowings by an equivalent amount.

An amount of Rs 1,000 crore had already been repaid from the date of the listing of the company till December 31, 2019, it said.

Thus, the total repayment of the company stood at Rs 1,500 crore (inclusive of principal and interest).

Meanwhile, shares of the company were closed on Thursday at Rs 97.20 apiece, up 4.97 percent, on the stock exchange.