3 Jun 2022 , 10:17 AM
The rating agency has migrated the rating of the company’s fixed deposit programme worth Rs3,500 crore, from ‘MAAA’ to ‘ICRA AAA’. It has given a Stable Outlook for the fixed deposit programme.
ICRA mentioned that “the change is consequent upon the migration of the rating outstanding on the medium-term rating scale to the long-term rating scale which is as required under the SEBI Circular referred to in the Rating Rationale forming part of the Credit Rating Letter annexed herewith.”
The medium-term rating scale of ICRA was a 14-point scale, while the long-term rating scale is a 20-point scale.
ICRA has reaffirmed the rating for fund-based limits of the company at ‘ICRA AAA/Stable’. For non-fund-based limits, the rating was reaffirmed at ‘ICRA A1+’. The two facilities together are worth Rs1,700 crore.
Company’s commercial paper programme worth Rs1,500 crore was rated as ‘ICRA A1+’.
Titan Company is currently trading at Rs2,208.65 down by Rs12.7 or 0.57% from its previous closing of Rs2,221.35 on the BSE. The scrip opened at Rs2,240 and has touched a high and low of Rs2,245 and Rs2,208 respectively.
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