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The agency has assigned 'IVR A2' rating to the short-term facilities of the company.
Infomerics Valuation and Rating stated that the its ratings reaffirmed on the bank facilities of Sterling and Wilson Renewable Energy (SWREL) as it derives comfort from the improvement in operating performance, strong order book, reputed counterparties, moderate capital structure and satisfactory debt protection metrics, indemnification against legacy claims/non-recovery of receivables, established presence in the solar segment and part of strong promoter group.
However, these rating strengths are partially offset by the overhang of contingent liabilities, susceptibility to price volatility and project execution risks.
The agency further said that an improvement in the revenue and profitability while maintaining comfortable order book visibility, leading to improved liquidity and credit profile could lead to a rating upgrade.
However, delays in execution of orders resulting in decline in scale and profitability and elongation in the working capital cycle; crystallisation of any material contingent liability other than liabilities under the purview of indemnity agreement and/or BG invocation, impacting the liquidity profile; and weakening of linkages with Reliance Group could result in adverse rating action.
Sterling and Wilson Renewable Energy (SWREL) is engaged in EPC and O&M for solar power plants. The company has a presence over 25 countries including India, Africa, USA, Australia, Latin America and the Middle East among other countries.
The scrip fell 2.79% to currently trade at Rs 320 on the BSE.
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