Ind-Ra revises CCL Products outlook to Positive from Stable

The credit rating agency affirmed the company’s long-term Issuer Rating at ‘IND AA-’ in September 2021.

Oct 14, 2021 11:10 IST India Infoline News Service

CCL Products
CCL Products (India) Limited has received a Credit Rating Report from India Ratings & Research (Ind-Ra). The credit rating agency revised CCL Products India Limited’s (CCL) Outlook to Positive from Stable while affirming its Long-Term Issuer Rating at ‘IND AA-’ in September 2021.

“Ind-Ra continues to take a consolidated view of CCL and its wholly-owned subsidiaries Jayanti Pte Ltd (Singapore), Ngon Coffee Company Ltd (Vietnam), Continental Coffee SA (Switzerland), Continental Coffee Private Limited (India; IND A-’/Positive), and CCL Beverages Private Limited (India; under the process of merger with the parent) to arrive at the ratings, on account of the strong operational synergies among them, given the similar nature of businesses, and common promoters and senior management,” company shared Ind-Ra’s rating rationale.

It further added, the Positive Outlook reflects Ind-Ra’s expectation of a potential improvement in CCL’s scale and product mix in the medium term, backed by steady growth in volume, and share of small packs and domestic business to consumers (B2C) business while maintaining the credit metrics. The affirmation reflects the company’s continued healthy financial profile and robust business profile.

At around 11.46 am, CCL Products (India) Ltd was trading at Rs415.75 per piece down by Rs1.15 or 0.28% from its previous closing of Rs416.90 per piece on the BSE.

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