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CARE reaffirms credit ratings of Cords Cable Industries

The rating on long-term bank facilities has been reaffirmed at CARE BBB; Stable.

November 29, 2021 10:15 IST | India Infoline News Service
Cords Cable Industries
CARE Ratings Ltd. has reaffirmed the credit ratings of Cords Cable Industries Limited. The rating on long-term bank facilities has been reaffirmed at CARE BBB; Stable.

“This rating is applicable to facilities having tenure of more than one year. Instruments with this rating are considered to have a moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.

‘Stable’ outlook indicates expected stability (or retention) of the credit ratings in the medium term on account of the stable credit risk profile of the entity in the medium term,” company said in a filing on Saturday.

The credit rating agency has also reaffirmed CARE A3 rating on short-term bank facilities. “This rating is applicable to facilities having tenure up to one year. Instruments with this rating are Bank Facilities considered to have moderate degree of safety,” the company said.

At around 10.19 am, Cords Cable Industries Ltd was trading at Rs49.25 per piece down by Rs0.4 or 0.81% from its previous closing of Rs49.65 per piece on the BSE.

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