CARE upgrades long-term rating of KEI Industries' bank facilities worth Rs3,250 crore; stock slips ~2%

KEI Industries Limited informed that the rating agency, CARE Ratings Limited has upgraded the long-term bank facilities ratings & reaffirmed the short-term Bank Facilities/ Debt Instruments ratings of the Company.

CARE Ratings has revised the ratings assigned to long-term bank facilities of the company worth Rs620.22 crore. The rating has been revised from ‘CARE AA-’ to ‘CARE AA’. The rating agency has reaffirmed a ‘Stable’ outlook for the same.

Further, company’s short-term bank facilities worth Rs2,629.78 crore were reviewed, and the rating was reaffirmed at ‘CARE A1+’.

Instruments with this rating are considered to have a very strong degree of safety regarding the timely payment of financial obligations. Such instruments carry the lowest credit risk.

At around 2.46 PM, KEI Industries was trading at Rs1,383.10 per piece, down by Rs24.4 or 1.73% from its previous closing of Rs1,407.50 on the BSE. The scrip touched intraday high and low of Rs1,420.05 and Rs1,376.50 respectively.