CRISIL reaffirms ratings on Tube Investments' credit facilities; Stock plunges 3%

CRISIL Ratings continue to reflect TI’ healthy business risk profile with diversified revenue streams and leading market positions in most businesses.

Nov 26, 2021 11:11 IST India Infoline News Service

Tube Investment
CRISIL Ratings has reaffirmed its ‘CRISIL AA+/Stable’ ratings on the long term bank facilities and Rs100cr non-convertible debenture (NCD) programme of Tube Investments Of India Limited (TI).

Further, long-term and short-term bank facilities rating also reaffirmed to 'AA+/Stable/ A1+'.

Also, the ratings on the short-term bank facilities and commercial paper programme have also been reaffirmed at 'CRISIL A1+'. CRISIL Ratings has also withdrawn its rating on NCDs of Rs100cr basis independent confirmation from debenture trustee that these NCD’s have been fully redeemed, along with the company’s request for withdrawal of the rating.

The withdrawal of rating on the NCDs is in line with CRISIL Ratings policy of withdrawal.

As per regulatory filing, CRISIL Ratings continue to reflect TI’ healthy business risk profile with diversified revenue streams and leading market positions in most businesses. 

For arriving at its ratings, CRISIL Ratings has combined the business and financial risk profiles of TI and all its subsidiaries since they operate in similar lines of business with significant operational and financial linkages.

At around 11:05 AM, Tube Investments of India was trading at Rs1,615.95 apiece down by Rs54.75 or 3.28% on the BSE.

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