ICRA reaffirms A1+ rating on commercial programme of Transport Corporation of India; Stock up 2%

Instruments with an A1+ rating indicate very strong degree of safety regarding timely payment of financial obligations, the company said.

May 05, 2021 01:05 IST India Infoline News Service

ICRA Limited has reaffirmed the ICRA A1+ rating for Rs225cr Commercial Paper Programme of Transport Corporation of India Limited.

Instruments with the ICRA A1+ rating indicate a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry the lowest credit risk, the company said.

“The rating of the aforementioned instrument is based on the condition that total short-term borrowings (including CP, STD, and bank borrowings) of the company at any given point of time should not exceed the company’s drawing power or the bank sanctioned fund-based limits (whichever is lower),” company shared ICRA’s rating rationale on Tuesday.

At around 1.50 pm, Transport Corporation of India Ltd was trading at Rs276 per piece up by Rs5.35 or 1.98% from its previous closing of Rs270.65 per piece on the BSE.

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