CARE revises credit ratings on Investment & Precision Castings' bank facilities

The ratings of the bank facilities of Investment & Precision Castings Limited (IPCL) continue to remain constrained on account of its modest scale of operations.

Jun 22, 2021 01:06 IST India Infoline News Service

Investment & Precision Castings Limited has informed that based on rating assessment undertaken by CARE Rating Limited, the credit rating of the Company has been revised.

Long term bank ratings has been revised to CARE BBB- with Stable outlook from CARE BB+/Positive.

And similarly, short term bank ratings has been revised to CARE A3 from CARE A4+.

According to the rationale report, the ratings of the bank facilities of Investment & Precision Castings Limited (IPCL) continue to remain constrained on account of its modest scale of operations.

The ratings are further constrained by its stretched liquidity & weakened debt coverage indicators upon recently concluded large size capex amidst subdued performance in FY21.

At around 1:47 PM, Investment & Precision Castings was trading at Rs220 per share down by Rs1.05 or 0.48% from its previous closing of Rs221.05 per share on the BSE.

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