CRISIL reaffirms long-term credit ratings of Rajapalayam Mills to ‘A/Positive'; stock skids ~1%

25 Mar 2022 , 01:50 PM

In its regulatory filing, Rajapalayam Mills Limited informed the investors and exchanges that CRISIL, its credit rating agency has re-affirmed the Long-Term Ratings as ‘A/Positive’. The rating agency has revised the outlook from negative to positive.

While CRISIL has made no changes to the company’s short-term ratings which are yet rated as ‘A1’.

Long-term facilities of the company considered for review by the rating agency were valued at Rs1,228.46 crore. This includes Cash Credit, Letter of Credit & Bank Guarantee, Long Term Loan, Proposed Long Term Bank Loan Facility, Working Capital Demand Loan, Working Capital Term Loan facilities.

The company’s short-term facility includes a foreign exchange forward worth Rs4 crore.

Rajapalayam Mills is currently trading at Rs904.90 down by Rs4.05 or 0.45% from its previous closing of Rs908.95 on the BSE. Its scrip has touched intraday high and low of Rs920.40 and Rs900 respectively, so far.