CARE upgrades rating for short term credit facilities of Indo Count Industries

The credit rating agency also reaffirms credit rating for long-term credit facilities with a positive outlook.

Sep 09, 2021 03:09 IST India Infoline News Service

CARE Ratings Limited has upgraded the credit rating for Indo Count Industries Limited’s short-term bank facilities and reaffirmed credit rating for the Long-term facilities.

For the short-term bank facilities, the credit rating has been revised from CARE A1 to CARE A1+.

“The said credit rating signifies the very strong degree of safety regarding timely payment of financial obligations. Such facilities carry the lowest credit risk,” the company said in a filing on Wednesday.

For long term bank facilities, CARE A+ rating has been reaffirmed with outlook revised to Positive from Stable.

“The said credit rating signifies adequate degree of safety regarding timely servicing of financial obligations. Such facilities carry low credit risk,” it said.

Towards close of trade on Thursday, Indo Count Industries Ltd was trading at Rs263.50 per piece down by Rs2.65 or 1% from its previous closing of Rs266.15 per piece on the BSE.

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