CRISIL upgrades Sterlite Tech’s long term credit rating to AA-/Stable

Sterlite Tech has received CRISIL’s long term rating upgrade to ‘CRISIL AA-/Stable and a short term credit upgrade to ‘CRISIL A1+’ from CRISIL A1 /Watch Developing’.

This upgrade is based on Sterlite Tech’s sustained improvement in financial risk profile over the medium term, backed by healthy and steady net cash accrual. As per CRISIL, Sterlite Tech’s strong business risk profile reflected in its dominant market position in optical communication products, OSS/BSS software, healthy operating efficiencies, and expected increase in revenue contribution from network and system integration services business.

Speaking on the ratings upgrade, Dr Anand Agarwal, CEO, Sterlite Technologies, said, “We are on a progressive track because of growing and sustained need for smarter data networks. Globally, we are witnessing strong demand for optical fibre which is more than that of supply currently. With this, we have a strong order book of Rs 2,324 crore and over Rs 10,000 crore of opportunities around 4G, Smart City, Bharat Net and FTTH deployments. We have also strengthened our leadership spread with a strong advisory board to create a strategic road map in alignment with Digital India targets.”