Sterlite Technology ends positive on upgrade to AA- by CRISIL

Sterlite Technology has received CRISIL rating upgrade to AA- on its long-term bank facilities, while reaffirming the rating at ‘CRISIL AA-’. The rating on the company’s commercial paper programme has been reaffirmed at ‘CRISIL A1+’.

The revision of ratings by CRISIL gives out the belief that Sterlite Technology’s financial risk profile could improve over the medium term on the back of improvement in profitability and net cash accruals, given its healthy business prospects.

As per the company’s management, the company’s integrated 'design, build and manage' strategy is uniquely positioned to cater to the Rs 1.3 lakh crore opportunities arising across key Digital India initiatives like BharatNet, smart cities and defence space. With the focus of the global telecom industry shifting towards smarter networks that address the challenges of hyper-connectivity and broadband network requirements of 5G and IoT, it is leading the industry with breakthrough digital technologies.

The share price of Sterlite Technology increased 2.45 per cent and closed at Rs 144.15 on Wednesday.