Credit rating agency -- India Ratings and Research (Ind-Ra) -- has downgraded HBL Power Systems’ long-term issuer rating to ‘BBB+’ from ‘A-’. The outlook is stable.
The downgrade reflects the lower-than-expected improvement in the company’s credit profile in FY15. The company’s partly debt-funded capex plan to set up a new manufacturing unit for concrete spun poles will contribute to delays in debt reduction.
HBL Power Systems is the pioneer in the design, development and manufacture of specialized batteries and DC systems in India.
