NLC India Limited (NLCIL) has announced an update regarding the credit rating of its instruments previously rated by Brickwork Ratings India Private Limited (BWR). Following NLCIL’s request for withdrawal, BWR has continued the rating, citing technical requirements. Meanwhile, NLCIL has obtained ratings from other agencies and provided No Objection Certificates for the withdrawal. The ratings by India Ratings & Research are confirmed for an amount of ₹500.00 Cr.
Credit Rating Update
NLC India Limited (NLCIL) has issued an update concerning the credit ratings of its instruments, particularly those previously assessed by M/S Brickwork Ratings India Private Limited (BWR). This announcement follows NLCIL’s communication on February 21, 2023, requesting the withdrawal of credit rating assignments for specific facilities.
Details on BWR’s Continued Rating
Despite NLCIL’s request for withdrawal and the provision of No Objection Certificates (NOCs) from concerned Debenture Trustees for instruments bearing ISIN INE589A08043, BWR has cited technical requirements for continuing the rating. The rationale for this decision was communicated on January 21, 2026.
Alternative Ratings
NLCIL has secured alternative ratings from other approved rating agencies for instruments previously rated by BWR. The updated ratings are as follows:
For Bonds (NCD) amounting to ₹500.00 Cr, previously rated by Brickwork Ratings India, the instruments are now rated by India Ratings & Research Private Limited. The latest rationale was issued on March 26, 2025.
Existing CRISIL Rating
The instruments bearing ISIN INE589A08043, are also rated by CRISIL, with a continuing rating from inception, as of September 3, 2025.
Source: BSE
