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Paradeep Phosphates Credit Rating Upgraded to [ICRA]AA- (Stable) for ₹6,000 Cr Long-term Debt
ICRA Limited has upgraded the credit ratings for Paradeep Phosphates Limited's bank facilities and instruments totaling over ₹17,500 crores. The long-term ratings for ₹6,000 crores in fund-based facilities (Cash Credit and Term Loans) moved from [ICRA]A+ to [ICRA]AA- with a Stable outlook. Short-term ratings for ₹11,200 crores in non-fund based facilities and ₹300 crores in commercial paper were also upgraded to the highest category of [ICRA]A1+. This upgrade reflects improved financial stability and creditworthiness, which could potentially lead to lower borrowing costs for the company.
Key Highlights
Long-term rating for ₹3,000 crore Cash Credit upgraded to [ICRA]AA- from [ICRA]A+
Long-term rating for ₹3,000 crore Term Loan upgraded to [ICRA]AA- with a Stable outlook
Short-term rating for ₹11,200 crore Non-fund based facilities upgraded to [ICRA]A1+
Commercial Paper rating for ₹300 crore upgraded to [ICRA]A1+
Ratings removed from 'Watch with developing implications' status to 'Stable' outlook
💼 Action for Investors
Investors should view this as a positive signal of the company's strengthening balance sheet and reduced credit risk. Monitor the upcoming quarterly results to see if the improved rating translates into lower interest expenses.