ICRA upgrades credit rating for Indo Count Industries long term bank facilities; Stock surges 4.5%

11 Jan 2022 , 09:28 AM

ICRA Limited has upgraded the credit rating for Indo Count Industries Limited’s long-term bank facilities and reaffirmed credit rating for the short-term bank facilities.

For long-term bank facilities of the company, ICRA AA- with Stable outlook was upgraded from ICRA A+ with Outlook Positive. The said credit rating signifies a high degree of safety regarding timely servicing of financial obligations. Such facilities carry low credit risk, the company said in a filing on Monday.

For the Short term bank facilities, the ICRA A1+ rating was reaffirmed. The said credit rating signifies a very strong degree of safety regarding timely payment of financial obligations. Such facilities carry lowest credit risk, it added.

At around 9.27 am, Indo Count Industries Limited was trading at Rs273.45 per piece up Rs11.60 or 4.43% on the BSE.