Suzlon saw its rating upgraded by one of India’s major agencies in another boost to the resurgent wind turbine group.

CRISIL Ratings – part of S&P Global – bumped Suzlon’s long- and short-term ratings up to A-/Positive and A2+ from BBB+/Positive and A2 respectively. The company’s shares rose more than 4% by the afternoon in Mumbai.

The ratings group cited “higher than expected improvement in the margins of [the turbine] business while maintaining healthy cash flow generation from the O&M services business, and an uptick in the order book providing visibility for future revenues”.