Ind Ra upgrades credit ratings on Asian Energy Services' bank facilities; Stock slips ~1%

4 Jan 2022 , 02:24 PM

India Ratings and Research (Ind-Ra) has upgraded Asian Energy Services Limited’s (AESL) Long-Term Issuer Rating to ‘IND BBB’ from ‘IND BBB-’. The Outlook is Stable. Further, short-term ratings has been assigned at IND A2. 

Ind-Ra has taken a consolidated view of Asian Energy Services Limited (AESL) and its subsidiaries while arriving at the ratings, owing to the strong legal, operational and financial linkages among them.

As per rationale report, the upgrade reflects AESL’s continued healthy credit metrics and adequate liquidity in FY21, due to its continued low dependency on external debt and no major debt-led capex plans in the near term.

At around 2:24 PM, Asian Energy Services was trading at Rs140.70 per piece down by 0.85% on Sensex.