CARE Ratings upgrades outlook of Garware Polyester to positive

The credit rating agency reaffirms the rating of long-term bank facilities to CARE A.

Sep 29, 2020 04:09 IST India Infoline News Service

CARE Ratings has reaffirmed the credit rating of Garware Polyester Limited as CARE A and upgraded the outlook to positive from stable.

“CARE Ratings Limited (Credit Rating Agency), vide its press release dated September 28, 2020, has upgraded its outlook regarding the bank facilities of the company,” the company informed the exchanges on Tuesday.

The long-term bank facilities Rs 369.81cr (enhanced from Rs288.97cr) is CARE A / Positive. For Short term Bank Facilities (Rs198.19cr) the rating is CARE A1. 

CARE Ratings Ltd ended at Rs351.95, down by Rs0.95 or 0.27% from its previous closing of Rs352.90 on the BSE.

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