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Infomerics revises credit ratings of GP Petroleums; Stock trades higher

The company said, rating rationale has failed to consider the improvement in financial and operational performance parameters of the company on a standalone basis.

December 30, 2021 10:05 IST | India Infoline News Service
GP Petroleums
lnfomerics Valuation and Ratings Private Limited has revised the credit rating for the instruments of GP Petroleums Limited. The rating on long/short term bank facilities Rs220cr has been downgraded to IVR BB; Issuer not cooperating / IVR A4; Issuer not cooperating from previous rating of IVR BB+ Credit watch with negative implications / IVR A4+.

The Company has not accepted the rating rationale since the rating rationale has failed to consider the improvement in financial and operational performance parameters of the company on a standalone basis despite adverse pandemic situation and dismal sectoral performance since the previous rating assigned in October, 2020. The Company considers above rating action completely
unjustified and inappropriate.

The company after obtaining NOC from Banks has made a written request to lnfomerics for withdrawal of Rating on October 30, 2021, which was duly acknowledged. The company has not received any response in this regard. The company has also shared no default statement.

The company has subsequently obtained fresh ratings on October 21, 2021 from India Ratings and Research (Ind-Ra) which assigned IND BBB- and Stable IND A3 with a stable outlook.

At around 10.08 am, GP Petroleums Ltd was trading at Rs45.90 per piece up by Rs0.4 or 0.88% from its previous closing of Rs45.50 per piece on the BSE.

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