ICRA reaffirms credit ratings assigned to Bharat Forge's bank facilities; stock slips ~2%

12 Apr 2022 , 11:03 AM

Bharat Forge Limited informed that credit rating agency ICRA Limited has reaffirmed/revised the credit ratings assigned to the company’s bank facilities/debt instruments.

ICRA has reaffirmed its long-term rating at ‘ICRA AA+’ and has given a stable outlook for the same.

The company’s non-convertible debentures worth Rs500 crore are rated ‘ICRA AA+/Stable’ by ICRA. Whereas it has assigned the same rating to the company’s proposed Non-Convertible Debentures of Rs200 crore.

Issuer Rating has been reaffirmed at ‘ICRA AA+/Stable’.

ICRA has also reviewed the company’s non-fund based facilities and has assigned a short-term rating at ‘ICRA A1+’.

Bharat Forge is currently trading at Rs726 down by Rs13.9 or 1.88% from its previous closing of Rs739.90 on the BSE. The scrip opened at Rs736 and has touched intraday high and low of Rs736.45 and Rs716.65 respectively.