ICRA withdraws credit rating on Mahindra Logistics Commercial Paper Programme; Stock up 1%

The credit rating agency has reaffirmed its credit rating on Rs235cr Fund-based and Non-Fund-based facilities of the company.

Jul 01, 2021 12:07 IST India Infoline News Service

ICRA Limited has issued and reaffirmed its credit rating on Rs235cr Fund-based and Non-Fund-based facilities of Mahindra Logistics Limited. On the Commercial Paper programme, previous rating of ICRA A1+ (Rs100cr) has been reaffirmed and withdrawn.

“ICRA has reaffirmed and withdrawn the ICRA A1+ rating assigned to the commercial paper programme of the Company at the request of the company as the company has not issued any Commercial paper during the year and there is no amount outstanding against the commercial paper. This is in line with ICRA's policy on withdrawal of credit ratings," the company share ICRA's reasoning in a filing on Wednesday. 

The credit rating agency has reaffirmed ICRA AA rating with Stable outlook on Rs48cr long-term fund-based instruments. It has also reaffirmed ICRA A1+ (Stable) rating on Rs15cr short-term non-fund based instrument.

On long-term / short-term, fund-based / non-fund based facilities of Rs172cr ICRA has reaffirmed rating of ICRA AA (Stable) / ICRA A1+.

At around 12.54 PM, Mahindra Logistics Ltd was trading at Rs557.55 per piece up by Rs5.85 or 1.06% from its previous closing of Rs551.70 per piece on the BSE.

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