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Inox Wind Limited Receives Rating Upgrade from CARE Ratings

Inox Wind Limited (IWL), a prominent player in India's wind energy sector, has been granted an upgrade in its banking facility ratings by CARE Ratings. The company’s short-term bank facilities have been upgraded to a ‘CARE A1+’ rating, up from the previous ‘CARE A1’. This upgrade underscores IWL’s strong financial position, with significant utilization of its banking facilities, primarily through letters of credit (LC) and bank guarantees (BG).

The company’s long-term facilities are less frequently used for cash management, as IWL maintains a net cash-positive balance sheet. This marks the second time in a fortnight that IWL has earned recognition for its robust financial standing, especially with the highest rating for its short-term banking facilities.