CARE Ratings Limited has upgraded Waaree Energies’ long-term bank facilities rating to CARE AA- with a Stable outlook, previously rated CARE A+. The upgrade applies to facilities totaling ₹1,922.98 crore. Additionally, the rating for long/short term bank facilities, including a total amount of ₹7,531.02 crore has been upgraded. The rating agency also reaffirmed the short-term rating as CARE A1+.
Credit Rating Upgrade Details
Waaree Energies has received an upgraded credit rating from CARE Ratings Limited. The long-term bank facilities, amounting to ₹1,922.98 crore (enhanced from ₹1,904.00 crore), have been upgraded to CARE AA- with a Stable outlook. This is an improvement from the previous rating of CARE A+.
Rating for Bank Facilities
The credit rating for long-term/short-term bank facilities totaling ₹7,531.02 crore (enhanced from ₹3,650.00 crore), is rated as CARE AA-/Stable. The short-term rating component is reaffirmed as CARE A1+.
Implications of the Upgrade
The credit rating upgrade indicates a strengthened financial risk profile for Waaree Energies. The Stable outlook suggests that CARE Ratings anticipates the company to maintain its performance.
Source: BSE
