It has assigned / affirmed the long term credit rating of IND A/ Negative Outlook and short term credit rating as IND A1.
Further, the company has requested ICRA to withdraw Rating for Non Convertible Debentures (NCD) of Rs258cr as the same were repaid and also requested for withdrawal of Rating on all other facilities.
Pursuant to the requests as above, ICRA has reviewed and revised the long term rating to BBB+ (Stable) and short term credit rating as ICRA A2.
The rating is in the process of withdrawal as per company’s request.
According to the Rationale report, the affirmation reflects SIL’s robust market position, operational recovery in 3QFY21 and improvement in its liquidity position due to refinancing in February 2021.
The Negative Outlook reflects Ind-Ra’s expectation of the company's net leverage remaining elevated over FY21-FY22 due to the capex undertaken and COVID-19 impact on demand.