Suzlon Group today announced that rating agency CARE has assigned 'BBB-' rating which represents an investment grade rating from 'D' assigned in 2012. The rating is valid until Sept. 15, 2016.

The company said, 'CARE has assigned investment grade credit rating to its outstanding banks facilities as well as to the proposed commercial paper instrument.'

CARE has assigned 'BBB-' rating to Suzlon Energy's long term bank facilities and fund based working capital limits aggregate worth Rs 49.36 billion.

The rating agency has also assigned 'A3' rating to the company's non fund based working capital worth Rs 56.22 billion. Further, CARE has assigned 'A3' rating to the company's proposed commercial paper worth Rs 10 billion.

Kirti Vagadia, chief financial officer, Suzlon Group said, 'The rating clearly demonstrates our restored credibility on account of significant deleveraging, strong industry outlook, our sizable order-book, order pipe-line and strong operating performance.'

'We have maintained strict discipline from the beginning of the current financial year towards timely payment of all our financial obligations,' he added.

Shares of the company declined Rs 0.25, or 1.11%, to trade at Rs 22.25. The total volume of shares traded was 960,376 at the BSE (11.50 a.m., Thursday).