CRISIL reaffirms ratings on credit facilities of Kirloskar Pneumatic; Stock slumps ~4%

10 Feb 2022 , 03:08 PM

CRISIL Limited has reaffirmed the credit ratings on various facilities of Kirloskar Pneumatic Company Limited. The long-term rating on bank facilities cash credit Rs40cr has been reaffirmed at CRISIL AA-/ Stable. On letters of credit and bank guarantees, Rs500cr short-term rating of CRISIL A1+ has been reaffirmed. The rating on the proposed commercial paper Rs40cr debt instrument has been reaffirmed at CRISIL A1+.

The company has obtained a rating for the Commercial Paper on the basis of enabling resolution passed by the Board of Directors. The company further informed that CRISIL has reaffirmed and withdrawn the credit rating of ‘CRISIL AA-/Stable’ assigned to Term Loan since the term loan has been repaid in full by the company.

At around 3.10 pm, Kirloskar Pneumatic Company Ltd was trading at Rs415.35 per share down by Rs16.6 or 3.84% from its previous closing of Rs431.95 per share on the BSE.