Ind-Ra upgrades long-term issuer rating of MSP Steel & Power; Stock down ~3%

The credit rating agency revises long-term rating to BBB- from BB+ and changes outlook to Stable from Negative.

Jun 18, 2021 03:06 IST India Infoline News Service

India Ratings
India Ratings & Research (Ind-Ra) has revised the ratings of MSP Steel & Power Limited. The Rating agency has upgraded the company’s long-term issuer rating Rs2,16.45cr (reduced from Rs299.24cr) to 'IND BBB- with Stable outlook from 'IND BB+ /Negative’.

The rating on fund-based working capital limits Rs260cr upgraded to IND BBB-/Stable from IND BB+/Negative. On Non-fund-based working capital limits Rs117cr rating was revised to Ind A3 from Ind A4+.

Towards close of trade on Friday, MSP Steel & Power Ltd was trading at Rs10.90 per piece down by Rs0.31 or 2.77% from its previous closing of Rs11.21 per piece on the BSE.

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