CARE reaffirms ratings on Gujarat State Petronet's bank facilities

The ratings assigned to the bank facilities of GSPL continue to derive strength from its established position.

Oct 12, 2021 01:10 IST India Infoline News Service

Gujarat State Petronet
Gujarat State Petronet Ltd has informed that CARE Ratings has reaffirmed the ratings on bank facilities of the Company.

Long-term ratings has been reaffirmed to CARE AA+/Stable while short-term ratings has been reafirmed to CARE A1+.

As per rationale report, the ratings assigned to the bank facilities of Gujarat State Petronet Limited (GSPL) continue to derive strength from its established position

The ratings also positively factor GSPL’s strong liquidity profile, its majority stake in Gujarat Gas Limited leading to synergies in operations and improvement in its debt coverage indicators.

The long-term rating is also constrained due to project implementation and stabilization risks associated with its on-going capital expenditure programme especially the two very large-sized projects being implemented through its joint ventures (JVs). 

At around 1:33 PM, Gujarat State Petronet was trading at Rs316.65 apiece down by Rs0.25 or 0.08% on the BSE.

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