Ind-Ra upgrades credit ratings of DCW's debt instruments worth Rs855 crore; stock surges ~2%

16 Mar 2022 , 12:17 PM

DCW Limited, a specialty chemicals company headquartered in Mumbai, today announced that leading credit rating agency, India Ratings & Research, has upgraded and assigned ratings ‘A-’ indicating a ‘Stable’ outlook for the Company.

The company’s Non-convertible debentures (NCDs) worth Rs350 crore has been assigned an ‘Ind-A’ rating and a stable outlook. While Optionally Convertible Debentures (OCDs) rating was also upgraded to ‘Ind-A’ and assigned a stable outlook.

DCW’s term loans worth Rs138.60 crore were also assigned an ‘Ind-A’ rating with a stable outlook.

Ind-Ra has upgraded ratings of fund-based working capital limits to ‘Ind-A2+/Ind-A’. While non-fund-based working capital limits worth Rs294.90 crore were rated ‘Ind-A2’ by the rating agency.

DCW Ltd is currently trading at Rs41.85 up by Rs0.75 or 1.82% from its previous closing of Rs41.10 on the BSE. The scrip opened at Rs41.95 and has touched a high and low of Rs42.30 and Rs41.45 respectively.