ICRA downgrades credit ratings for Varroc Engineering; outlook revised to Stable

The credit rating agency has downgraded the Term Loan (Long Term) from ICRA AA- (Negative) to ICRA A+ (Stable).

Jun 25, 2021 03:06 IST India Infoline News Service

ICRA Limited has revised the credit ratings on bank facilities of Varroc Engineering Ltd. The credit rating agency has downgraded the Term Loan (Long Term) from ICRA AA- (Negative) to ICRA A+ (Stable). The rating on fund-based limit (Long- term/Short-term) has been revised from ICRA AA- (Negative) / ICRA A1+ to ICRA A+ (Stable) / ICRA A1.

On non-fund based limit (Long- term/Short-term), the rating has been downgraded from ICRA AA- (Negative) / ICRA A1+ to ICRA A+ (Stable) / ICRA A1. On Commercial Paper (Short-term), the rating has been revised from ICRA A1+ to ICRA A1.

Varroc Engineering Ltd ended at Rs371.35 per piece up by Rs3.7 or 1.01% from its previous closing of Rs367.65 per piece on the BSE.

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