CARE Ratings assigns ‘A+' rating to BEML's long-term bank facilities; stock climbs ~3%

30 Mar 2022 , 02:35 PM

BEML Ltd. informed the exchanges and investors that CARE Ratings has issued credit ratings for the debt instruments of the company, in addition to BRICKWORK & ICRA. There has been no change in the credit ratings assigned by the rating agency.

CARE Ratings has reviewed instruments worth Rs5,900 crore of the company, comprising long-term bank facilities, short-term bank facilities, and commercial paper.

It has assigned an ‘A+’ (single A plus) rating to the company’s long-term bank facilities worth Rs1,500 crore, and long-term/short-term facilities worth Rs4,000 crore and has given a stable outlook for the same.

Whereas, it has assigned CARE A1+ (A One Plus) rating to the company’s commercial paper worth Rs400 crore.

The ratings assigned to the bank facilities and commercial paper of BEML Limited (BEML) derives strength from the experienced management team, established and long track record of operations with a manufacturing base providing a wide range of products, reputed client base with a focus on indigenisation through in-house R&D and healthy order book position.

BEML Ltd is currently trading at Rs1,690 up by Rs51.6 or 3.15% from its previous closing of Rs1,638.40 on the BSE. It has touched intraday high and low of Rs1,694.65 and Rs1,632 respectively.