ICRA reaffirms credit rating of Dwarikesh Sugar's bank facilities worth Rs1,099.99 crore; stock adds ~1%

14 Jun 2022 , 09:24 AM

Dwarikesh Sugar Limited has informed that the credit rating agency ICRA Limited has reaffirmed the long-term rating for the Bank facilities amounting to Rs1,099.99 crore as ‘ICRA A+’.The outlook for the same has been reaffirmed as ‘Positive’.

Instruments with ‘ICRA A’ rating are considered to have an adequate degree of safety regarding timely servicing of financial obligations.

ICRA has also reviewed and reaffirmed the rating for the Commercial Papers amounting to Rs300 crore as ‘ICRA A1+’.

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

Total instruments reviewed consist of mainly bank facilities from Punjab National Bank.

Dwarikesh Sugar’s counter was trading at Rs101.25, up by 1.20% against its previous close of Rs100.05 on NSE. It touched intraday high and low of Rs101.40 and Rs99 respectively.