ICRA withdraws and reaffirms credit ratings of Uttam Sugar Mills; Stock gains

14 Jan 2022 , 11:21 AM

Uttam Sugar Mills Ltd has informed that to the exchanges regarding withdrawal of ratings assigned by ICRA on the request of the company.

As per regulatory filing, on the request of the company, ICRA has reaffirmed and withdrawn the credit rating assigned to the bank facilities of the company.

On December 24, 2021 ICRA has reaffirmed the ratings on bank facilities at [ICRA] BB+/[ICRA]A4 while the outlook revised to positive from stable.

The Positive outlook on the rating reflected ICRA’s opinion that USML will continue to benefit from its improved operational profile with expanded distillery capacities, lower volatility and expansion of operating profits.

At around 11:20 AM, Uttam Sugar Mills was trading at Rs229.90 per piece up by Rs1.4 or 0.61% on the BSE.