India Ratings affirms Prism Johnson at IND A+/Stable; Stock up 2%

The rating agency affirmed IND Al+ rating on unsecured short-term loans and commercial paper programme.

Jul 19, 2021 12:07 IST India Infoline News Service

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India Ratings and Research Pvt. Limited (‘India Ratings’) has on July 16, 2021, affirmed the rating actions for Prism Johnson Limited’s (PJL) financial facilities.

The credit rating agency has affirmed Long-Term Issuer rating at IND A+ with a Stable outlook. On NCDs Rs2.89 billion (reduced from Rs3.24 billion) IND A+/Stable rating was affirmed.

The ratings on term loans maturing in FY30 Rs10.87 billion (reduced from Rs11.02 billion) IND A+/Stable have also been affirmed. For fund-based limits Rs4.1 billion (increased from Rs4 billion) IND A+/Stable rating was affirmed.

On non-fund-based working capital limits Rs6.99 billion (increased from Rs6.94 billion) IND Al+ rating was affirmed. For term deposit programme Rs0.01 billion (reduced from Rs0.05 billion) IND tAA-/Stable was affirmed.

The rating agency affirmed IND Al+ rating on unsecured short-term loans Rs0.9 billion. Commercial paper programme with term of 0-365 days Rs2.0 billion INDAl+ rating was affirmed.

“CP has been carved out of PJL's working capital limits and will be used to meet working capital requirements,” the company said in a filing on Friday.

“Ind-Ra continues to take a consolidated view of PJL and its subsidiaries, together referred to as PJL, because of strong operational and strategic linkages among them. PJL completed the amalgamation of some of its subsidiaries with itself in May 2021, to ease out the group structure,” the company shared Ind-Ra’s rating rationale.

At around 12:22 PM, Prism Johnson Ltd was trading at Rs142.25 per piece up by Rs2.9 or 2.08% from its previous closing of Rs139.35 per piece on the BSE.

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