ICRA revises long-term rating and reaffirms short-term rating on bank facilities of Dhanuka Agritech

Outlook on the long-term rating has been revised to Stable from Positive, the company said.

Sep 03, 2021 10:09 IST India Infoline News Service

Dhanuka Agritech
ICRA Limited has revised the long-term rating of ICRA AA- to ICRA AA and has reaffirmed the short-term rating of ICRA A1+ for a total of Rs63.35cr Bank Facilities of Dhanuka Agritech Limited. Outlook on the long-term rating has been revised to Stable from Positive.

On the long-term scale rating assigned on cash credit limits in HDFC Bank Rs15cr and HSBC, Bank Rs15cr has been revised to ICRA AA (Stable). On the short-term scale, non-fund-based limits in HDFC Bank Rs15cr and HSBC Bank Rs18.35cr have been rated ICRA A1+.

“Based on a review of the latest developments, the Rating Committee of ICRA, after due consideration has revised the long-term Rating of ICRA AA- to ICRA AA and has reaffirmed the short-term Rating of ICRA AI+. Oudook on the long-term Rating has been revised to Stable from Positive. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk,” company shared ICRA’s statement on Thursday.

At around 10.08 AM, Dhanuka Agritech Ltd was trading at Rs828.10 per piece up by Rs1.65 or 0.2% from its previous closing of Rs826.45 per piece on the BSE.

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