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Ind Ra affirms Birla Corporation's long-term issuer rating at 'AA/Stable'

Ind-Ra continues to take a consolidated view of Birla Corporation Limited and its subsidiaries including RCCPL Private Limited.

November 30, 2021 12:25 IST | India Infoline News Service
Birla Corporation
India Ratings and Research (Ind-Ra) has affirmed Birla Corporation Limited’s (BCL) Long-Term Issuer Rating at ‘IND AA’. The Outlook is Stable.

Ind-Ra continues to take a consolidated view of Birla Corporation Limited (BCL) and its subsidiaries including RCCPL Private Limited (RCCPL; ‘IND AA’/Stable), while arriving at the ratings, on account of the strong operational and strategic linkages between them.

BCL acquired RCCPL in FY17. RCCPL accounted for about half of the consolidated EBITDA and the agency believes its share is likely to increase in the near-term with the completion of its ongoing capex.

Therefore, Ind-Ra has referred to the consolidated credit of BCL throughout the rationale.

Ind Ra expects the stabilisation of the projects underway and healthy EBITDA generation, resulting in the net leverage reducing below 2x, could lead to a positive rating action.

At around 12:26 PM, Birla Corporation was trading at Rs1,290.60 apiece down by Rs12.7 or 0.97% on Sensex.

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