ICRA reaffirms credit rating of Titan's debt instruments worth Rs6,200Cr; stock jumps ~2%

5 Apr 2022 , 01:40 PM

Titan Company Limited informed that ICRA has reaffirmed the credit ratings assigned to the company’s debt instruments. ICRA has reaffirmed credit rating to ‘MAAA; stable’ assigned to earlier Fixed Deposits Programme worth Rs3,000 crore.

The rating agency has assigned a ‘AAA(Stable)’ rating to the company’s Fund Based instruments, and ‘A1+’ to its non-fund-based instruments. Both the instruments are worth Rs1,700 crore.

ICRA has given an ‘A1+’ rating to Titan’s commercial paper programme worth Rs1,500 crore. This rating indicates a very strong degree of safety regarding the timely payment of financial obligations. Such instruments carry the lowest credit risk.

The outlook on the long-term rating is Stable. This rating indicates the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk.

The aforesaid rating will be due for surveillance any time before March 28, 2023.

At around 1.45 PM, Titan Company was trading at Rs2,550 up by Rs33.5 or 1.33% from its previous closing of Rs2,516.50 on the BSE. Its scrip touched day’s high and low of Rs2,576.90 and Rs2,521.45 respectively.