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ICRA reaffirms 'BBB-' rating on Acknit Industries long-term bank facilities

The credit rating agency also reaffirmed the short-term rating at ICRA A3. The outlook on the long-term rating is ‘Stable’.

March 09, 2021 10:30 IST | India Infoline News Service
ICRA Limited has reaffirmed the long-term credit rating for Rs68.05cr Bank Facilities of Acknit Industries Limited at ICRA BBB- and the short-term rating at ICRA A3. The outlook on the long-term rating is ‘Stable’.

“Instruments with ICRA BBB- rating indicate a moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk. Instruments with ICRA A3 rating indicate moderate degree of safety regarding timely payment of financial obligations. Such instruments carry higher credit risk as compared to instruments rated in the two higher categories,” company shared ICRA’s rationale of rating in a regulatory filing on Monday.

“In any of your publicity material or other document wherever you are using the above rating, it should be stated as ICRA BBB- (Stable) / ICRA A3. The aforesaid Ratings will be due for surveillance any time before December 31, 2021,” it added.

At around 10.32 am, Acknit Industries Ltd. was trading at Rs92.00 per piece down Rs0.80 or 0.86% on the BSE.

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