Ind-Ra upgrades Eveready Industries' long-term credit rating to ‘Ind A-'

6 Jun 2022 , 03:04 PM

Eveready Industries Limited has informed that India Ratings and Research has upgraded the Company’s Long Term Credit Ratings to ‘IND A-‘ from ‘IND BBB+. The Outlook is Stable.

Long-term facilities include term loan which has been reduced from the existing Rs4,016 crore to Rs2,642 crore.

The rating agency has also upgraded the rating for fund-based limits from existing ‘IND BBB+/ Stable/ IND A2+’ to ‘IND A-/Stable/ IND A1’. The amount of fund-based limits reviewed has been increased from the existing Rs997 crore to Rs1,207 crore.

Credit rating for non-fund-based limits worth Rs960 crore has been upgraded to ‘IND A-/Stable/ IND Al’ from ‘IND BBB+/Stable/ IND A2+’.

As per the rating agency, the upgrade reflects the improvement in EIIL’s corporate governance structure stemming from changes in the board composition and a higher stake by the Burman family, giving assurance of stronger internal controls & checks.

At around 3.07 PM, Eveready Industries was trading at Rs315 up by Rs0.75 or 0.24% from its previous closing of Rs314.25 on the BSE.