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Ind-Ra Revises Sahaj Solar's ₹175 Cr Facilities to INC/Negative, Then Withdraws Rating
Sahaj Solar announced that India Ratings and Research (Ind-Ra) revised its ratings on bank loan facilities aggregating ₹175 crore (INR 1,750 million) to IND BBB-(INC)/Negative and IND A3(INC), moving the company into the 'Issuer Not Cooperating' category. Following the revision, the ratings were subsequently withdrawn (IND WD) upon the company's request and submission of a No-Objection Certificate (NOC) from its lenders. The rated debt facility of ₹175 crore is significant, representing nearly 103% of the company's total reported debt of ₹170 crore and 133% of its net worth (₹132 crore).
Confidence: HIGH
What changedInd-Ra downgraded Sahaj Solar's bank facilities to 'Issuer Not Cooperating' with a Negative outlook before entirely withdrawing the rating upon lender NOC and issuer request.
Why it mattersA migration to 'Issuer Not Cooperating' followed by rating withdrawal can signal information asymmetry or friction with rating agencies, potentially impacting borrowing terms on ₹175 crore worth of bank facilities.
Rated bank facilities: INR 1,750 millionRated debt vs Total balance sheet debt: ~103%Rated debt vs Net worth: ~133%Prior long-term rating: IND BBB-/StableRevised long-term rating: IND BBB-(INC)/Negative
📅 Short termMay weigh negatively on market sentiment due to the 'Issuer Not Cooperating' tag prior to the withdrawal.
📈 Long termCould affect long-term cost of debt and credit availability if alternate credible ratings are not established to support ongoing capital expenditure plans.
⚠ Risk flags
- Issuer Not Cooperating (INC) tag assigned prior to withdrawal
- High leverage context with D/E at 1.29 and debt of ₹170 crore
Key Highlights
Bank loan facilities rated aggregate to INR 1,750 million (₹175 crore)
Ratings revised from IND BBB-/Stable and IND A3 to IND BBB-(INC)/Negative and IND A3(INC)
Subsequent action resulted in full withdrawal (IND WD / IND WD) of the ratings
Withdrawal executed at the issuer's request after securing a No-Objection Certificate from lenders
Rated debt of ₹175 crore compares to total balance sheet debt of ₹170 crore
👀 What to Watch
Track whether the company engages an alternate credit rating agency for its ₹170 crore debt, and watch for any increase in borrowing costs or credit facility constraints in upcoming semi-annual financial statements.
