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

23 Aug 2022 , 12:33 PM

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

According to the rating rationale, the ratings continue to reflect company’s leading market position in the fasteners industry. These rating strengths are partially offset by working capital-intensive operations, and moderate, albeit improving profitability of subsidiaries.

For arriving at its rating, CRISIL Ratings has combined the business and financial risk profiles of SFL and its subsidiaries held directly or indirectly, as the entities share a common management, and operate with prominent operational and financial linkages.

At around 12:36 PM, Sundram Fasteners Ltd is currently trading at Rs833.60 per share down by Rs3.6 or 0.43% from its previous closing of Rs837.20 per share on the BSE.