ICRA upgrades credit ratings of Sandur Manganese & Iron Ores; Stock zooms 4.5%

The rating committee has also upgraded the short term rating to [ICRA]A1 from [ICRA]A2+.

Sep 09, 2021 11:09 IST India Infoline News Service

The Sandur Manganese & Iron Ores Ltd has informed that ICRA has reviewed the rating on bank facilities of the company and has upgraded the existing ratings.

After due consideration, ICRA has upgraded the long term rating to [ICRA]A from [ICRA]A-.

The rating committee has also upgraded the short term rating to [ICRA]A1 from [ICRA]A2+. The Outlook on the long term rating is Stable.

The ratings upgrade reflects a sustained improvement in The Sandur Manganese & Iron Ores Limited’s (SMIORE) operating and financial performances.

The Stable outlook on the [ICRA]A rating reflects ICRA’s opinion that demand from the steel industry is expected to remain steady in the near-to-medium term, which coupled with SMIORE’s low-cost mining operations, would lend comfort to its overall financial risk profile.

At around 11:34 AM, Sandur Manganese & Iron Ores was trading at Rs1,899.70 apiece up by Rs83.4 or 4.59% on Sensex.

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