Indotech Transformers surges 5% after ICRA reaffirms credit rating on its bank facilities

The credit rating agency has reaffirmed ICRA BB long-term rating and ICRA A4 short-term rating on the company’s bank facilities. The outlook on the long-term rating is revised to Stable from Negative.

Aug 18, 2021 11:08 IST India Infoline News Service

Bull Market
ICRA Limited has been assigned a Credit Rating for Rs92.50cr bank facilities and an Issuer Rating for Indotech Transformers Limited.

The Rating Committee of ICRA, after due consideration, has reaffirmed the long-term rating to ICRA BB, based on a review of the latest developments. The Rating Committee of ICRA, after due consideration, has reaffirmed the short-term rating at ICRA A4. The outlook on the long-term rating is revised to Stable from Negative.

“Instruments with ICRA BB rating indicate a moderate risk of default regarding timely servicing of financial obligations. In any of your publicity material or other documents wherever you are using the above rating, it should be stated as ICRA BB (Stable)/ ICRA A4. The aforesaid ratings will be due for surveillance any time before August 12, 2022,” company shared ICRA’s rating statement on Tuesday.

At around 11.56 AM, Indo Tech Transformers Ltd was trading at Rs176.65 per piece up by Rs8.4 or 4.99% from its previous closing of Rs168.25 per piece on the BSE.

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