Inox Wind gets 'AA-' rating for long-term bank facilities

NEW DELHI: Wind energy solutions provider Inox Wind today said rating agency Crisil has reaffirmed the 'AA-' rating for its long-term bank facilities.

The rating agency has also reaffirmed 'A1+' rating for the company's short-term bank loan facilities, it said in a BSE filing.

"AA rating for long-term instruments is the second highest rating accorded by Crisil for long-term facilities and reflects high degree of safety regarding timely servicing of financial obligations and very low credit risk," Inox Wind said.

Inox Wind is one of the select few companies in India to be given the AA or higher rating. Crisil's A1 rating is the highest rating given for short-term facilities and reflects instruments with the highest degree of safety and lowest credit risk, it said.

Crisil believes Inox Wind is well placed to capitalise on the long-term opportunities given its cost competitiveness and established market position under the auction regime. The reaffirmation of ratings reflects Inox Wind's leading market position and robust execution capabilities, it added.

Inox Wind is India's leading wind energy solutions provider servicing IPPs, utilities, PSUs, corporates and retail investors.

It is a fully integrated player in the wind energy market with three state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh with a cumulative manufacturing capacity of 1,600 MW annually.