Go Fashion receives credit rating upgrade from ICRA; stock jumps ~2%

11 Apr 2022 , 10:47 AM

Go Fashion (India) Limited informed that based on a review of the latest developments, the Rating Committee of ICRA, after due consideration, has upgraded the long-term rating and short-term ratings assigned to the company’s bank facilities.

ICRA has revised the long-term rating from ‘ICRA A-‘ to ‘ICRA A’. Whereas Short-term ratings have been revised to ‘ICRA A1’ from the existing ‘ICRA A2+’. The Outlook on the long-term rating is Stable.

ICRA has reviewed the total bank facilities worth Rs65 crore of Go Fashion (India). Instruments with [ICRA]A rating indicate an adequate degree of safety regarding timely servicing of financial obligations and instruments with [ICRA]A1 rating indicate a very strong degree of safety regarding timely servicing of financial obligations.

Go Fashion’s stock gained 1.71% so far in today’s trade at Rs1,012.50 against its previous close of Rs995.45 on NSE. It touched intraday high and low of Rs1,037 and Rs1,006.35 respectively.