8 Apr 2022 , 01:33 PM
The rating agency has reaffirmed the ‘CARE AA+’ rating on the company’s long-term bank facilities with a positive outlook on the same. While short-term bank facilities’ rating was reaffirmed at ‘CARE A1+’.
The positive outlook on the long-term rating of GGL reflects that CARE expects further growth in GGL’s scale of operations along with improvement in its leverage and debt coverage indicators. The outlook may be revised to ‘Stable’ if Green Gas contracts any additional large debt or if it encounters significant delays while implementing its project in the new GAs leading to deterioration in its overall gearing.
The ratings assigned to the bank facilities of Gujarat Gas Limited (GGL) continue to derive strength from GGL’s leading position in the city gas distribution (CGD) business in India, established gas-sourcing arrangements, significantly large scale of operations, and moderately diversified customer segment mix.
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