CRISIL reaffirms 'A1+' rating on Sundram Fasteners' short-term and commercial paper facilities

16 Feb 2022 , 03:31 PM

CRISIL Ratings has reaffirmed its rating on the short-term debt and commercial paper programme of Sundram Fasteners Limited (SFL) at ‘CRISIL A1+’.

The ratings continue to reflect SFL’s leading market position in the fasteners industry, revenue diversity, healthy operating efficiency, and strong financial risk profile.

These rating strengths are partially offset by working capital-intensive operations, and moderate, albeit improving profitability of overseas subsidiaries.

For arriving at its rating, CRISIL has combined the business and financial risk profiles of SFL and its subsidiaries.

Sundram Fasteners closed at Rs868 apiece up by Rs6.95 or 0.81% on the BSE.