CARE upgrades credit rating of Panama Petrochem bank facilities; Stock hits record high

The credit rating agency upgraded the rating, on long-term bank facilities of the company from CARE A- with a Stable outlook to CARE A; Stable.

Jul 06, 2021 09:07 IST India Infoline News Service

CARE Ratings Limited has upgraded Panama Petrochem Limited’s credit rating, on the basis of recent developments including the operational and financial performance of the company.

The credit rating agency upgraded the rating, on long-term bank facilities of the company from CARE A- with a Stable outlook to CARE A; Stable. It also upgraded the rating, on short-term bank facilities from CARE A2+, to CARE A1.

Panama Petrochem Ltd stock hit record high of Rs266 per piece up Rs21.40 or 8.75% during early trade on Tuesday, from its previous closing of Rs244.50 per piece on the BSE. 

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