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ICRA upgrades credit rating of Deepak Nitrite subsidiary - Deepak Phenolics

The credit rating agency has also reaffirmed the long-term rating at ‘AA’ and Short Term rating at ‘A1+’ of the company.

March 22, 2022 1:55 IST | India Infoline News Service
ICRA Limited has upgraded the long-term rating from ‘AA-’to ‘AA’, and re-affirmed the short term rating at 'A1+' for Rs756.27 crore bank facilities of Deepak Phenolics, a wholly owned subsidiary of Deepak Nitrite Limited.  The outlook on the long-term rating has been revised to Positive from Stable.

The credit rating agency on March 21, 2022, reaffirmed the long-term rating at ‘AA’ and Short Term rating at ‘A1+’ for Rs490 crore bank facilities and Rs200 crore Commercial Paper (CP) of Deepak Nitrite Limited.

The outlook on the long-term rating has been revised to Positive from Stable.

At arounf 1.56 pm, Deepak Nitrite Ltd was trading at Rs2,241.25 per piece down by Rs28.85 or 1.27% from its previous closing of Rs2,270.10 per piece on the BSE.

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