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Ind Ra upgrades rating of Simplex Castings' credit facilities

The upgrade reflects the timely repayment of debt obligations since August 09, 2020 and an improvement in the company’s financial performance in FY21.

November 30, 2021 4:30 IST | India Infoline News Service
Simplex Castings
India Ratings and Research (Ind-Ra) has upgraded Simplex Casting Ltd’s (SCL) Long-Term Issuer Rating to ‘IND B’ from ‘IND D(ISSUER NOT COOPERATING)’. The Outlook is Stable.

As per rationale report, Ind-Ra is no longer required to maintain the rating for term loan as the agency has received a no dues certificate from the lender. This is consistent with the Securities and Exchange Board of India’s circular dated March 31, 2017 for credit rating agencies.

The upgrade reflects the timely repayment of debt obligations since August 09, 2020 and an improvement in the company’s financial performance in FY21.

Simplex Castings ended at Rs43.20 apiece down by Rs0.7 or 1.59% on the BSE.

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