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Ind Ra revises Rain Industries' outlook to Stable; affirms rating

The Outlook revision reflects a strong improvement in company's consolidated net adjusted leverage.

October 29, 2021 3:31 IST | India Infoline News Service
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India Ratings and Research (Ind-Ra) has revised Rain Industries Limited’s (RIL) Outlook to Stable from Negative while affirming the Long-Term Issuer Rating at ‘IND A’.

According to the Rationale report, Ind-Ra continues to take a consolidated view of RIL and its subsidiaries, as the companies share a common brand, business and management. 

The Outlook revision reflects a strong improvement in RIL’s consolidated net adjusted leverage due to a stronger-than-expected recovery in profitability on account of an improvement in commodity cycle, despite a delay in commercialisation of capex programmes.

The agency will continue to monitor the ramp-up across various additional facilities set up by the group and the progress on availability of raw material for its carbon business.

On Friday, Rain Industries ended at Rs227.40 apiece lower by 2.02% on the BSE.

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