CRISIL Upgrades Sterlite Tech's Long-term Credit Rating to AA-/Stable
PUNE, India, November 28, 2016 /PRNewswire/ --
Short-term Credit Rating Upgraded to 'CRISIL A1+'
Sterlite Tech [BSE: 532374, NSE: STRTECH], a telecom major, known to design, build and manage smarter data networks, 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 an 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 a 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, BharatNet and FTTH deployments. We have also strengthened our leadership spread with a strong advisory board to create a strategic roadmap in alignment with Digital India targets."
About Sterlite Technologies:
Sterlite Technologies Limited designs, builds and manages smarter data networks for telecoms globally. Sterlite Tech is a pure-play telecom focused business that develops and delivers optical communication products, network and system integration services and software solutions. Sterlite Tech is among the leaders in all its business areas and has operations on a global scale with manufacturing presence in India, China and Brazil. Sterlite Tech aims to transform everyday living by delivering smarter networks. Sterlite Tech is India's only fully integrated provider of optical fibre preforms, optical fibres and cables. With a strong portfolio of over 125 patents, Sterlite Tech is home to India's only Centre of Excellence for broadband research. Projects undertaken by the company include intrusion-proof secure network for the Armed Forces, rural broadband for BharatNet, Smart Cities' development, and establishing high-speed Fibre-to-the-Home (FTTH) networks.
For more details, visit http://www.sterlitetech.com
Forward-looking and cautionary statements: Certain words and statements in this release concerning Sterlite Technologies Limited and its prospects, and other statements relating to Sterlite Technologies' expected financial position, business strategy, the future development of Sterlite Technologies' operations and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of Sterlite Technologies Limited, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Sterlite Technologies' present, future business strategies, and the environment in which Sterlite Technologies Limited will operate in the future. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, changes in government policies or regulations of India and, in particular, changes relating to the administration of Sterlite Technologies' industry, and changes in general economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Sterlite Technologies' control, include, but are not limited to, those risk factors discussed in Sterlite Technologies' various filings with the National Stock Exchange, India and the Bombay Stock Exchange, India. These filings are available at http://www.nseindia.com and http://www.bseindia.com.
For details, contact:
Corporate Communications
Sumedha Mahorey
Sterlite Tech
Manager - Corporate Communications
Phone: +91-22-30450404
Email: [email protected]
Investor Relations
Vishal Aggarwal
Head - Investor Relations
Phone: +91-20-30514000
Email: [email protected]
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