CARE Ratings has downgraded company's long-term rating to D from BB (Negative).
Shares of Suzlon Energy declined 4.3 percent after CARE ratings has revised the ratings of the company.
CARE Ratings has downgraded company's long-term rating to D from BB (Negative), company said in BSE release.
J.P.Chalasani, Chief Executive Officer, Suzlon Group said, "The company has been maintaining "Current" status on all its accounts with the lenders since May 2015. Prolonged transition in the industry resulted in significantly sub-optimum volumes since past almost 2 years. And unfortunately, on account of a temporary mismatch in cash flow, the company was unable to fund its scheduled repayment obligations to its lenders."
The company has been actively working with its lenders towards a sustainable solution for its overall debt and significant debt reduction by various measures, he added.
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