Godawari Power -; Ispat spurns credit ratings assigned by Ind-Ra; stock zooms ~2%

24 Mar 2022 , 10:15 AM

Godawari Power & Ispat Limited has denied the credit ratings assigned by India Ratings & Research on its Loan facilities dated March 21, 2022, and March 22, 2022.

In the aforementioned letters, Ind-Ra has assigned ‘Ind A+’ ratings to the company’s fund-based limits worth Rs1,48 crore, export packing credit worth Rs150 crore, and has given a stable outlook for the same.

While it has upgraded the credit rating of non-fund-based limits (letter of credit) worth Rs250 crore to ‘IND A1+’ from existing “IND A1”, and has assigned the same rating to bank guarantees worth Rs200 crore, and non-fund-based limits (Capex LC) worth Rs195 crore.

However, in its letter dated March 23, 2022, Godawari has declined the credit ratings assigned/upgraded by the company as it believes that the company deserves a better rating given the current financial strength and prevailing economic scenario.

Godwari Power & Ispat’s counter was trading 1.55% higher at Rs401.70 against its previous closing price of Rs395.55 on BSE. The scrip opened at Rs396 and has touched day’s high and low of Rs407.75 and Rs396 respectively so far.