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India Ratings and Research has placed Sterling and Wilson Solar’s (SWSL) long-term issuer tating of ‘INDAA-’ on rating watch negative (RWN). The outlook on the earlier rating was Stable. The RWN reflects the uncertainty regarding the refinancing/rollover of SWSL’s short-term loans worth around ₹1,180 crore maturing over the remainder of November 2019 until January 2020. This follows the event on November 14, where Sterling and Wilson Pvt Ltd’s promoters sought an extension for the repayment of inter company deposits to the tune of ₹2,341 crore as of September 2019 to Sterling and Wilson Solar Ltd. Shares of Sterling and Wilson slumped 4.67 per cent at ₹333.10 on the BSE.
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