CG Power and Industrial Solutions Limited announced that India Ratings and Research (Ind-Ra) has affirmed its Issuer Rating at IND AA+/Stable as of March 19, 2026. The rating agency also affirmed ratings on existing bank facilities and assigned a new rating to a INR 14.00 billion bank loan facility at IND AA+/Stable/IND A1+. Commercial Paper was affirmed at IND A1+.
Credit Rating Actions Confirmed by India Ratings
CG Power and Industrial Solutions Limited has received updated credit ratings from India Ratings and Research (Ind-Ra) on March 19, 2026. The rating actions cover the company’s overall credit profile and specific debt instruments, reflecting a stable financial outlook.
Issuer and Debt Instrument Ratings Summary
The rating actions taken by Ind-Ra on the company and its instruments are summarized below:
- The Issuer Rating was Affirmed at IND AA+/Stable.
- Bank loan facilities totaling INR 31.21 billion were Affirmed at IND AA+/Stable/IND A1+.
- Bank loan facilities amounting to INR 14.00 billion were Assigned a rating of IND AA+/Stable/IND A1+.
- Commercial Papers (CP) of INR 5.00 billion (yet to be placed) were Affirmed at IND A1+. Note that the CP will not be carved out from fund-based working capital limits.
Breakup of Rated Facilities
The rating letter also detailed the breakup of existing working capital and derivative limits across various banks:
| Instrument Description | Bank Name | Ratings | Outstanding/Rated Amount (INR million) |
|---|---|---|---|
| Fund Based Working Capital Limit | State Bank of India | IND AA+/Stable/IND A1+ | 3500.00 |
| Non-Fund Based Working Capital Limit | State Bank of India | IND A1+ | 28000.00 |
| Derivative Limits | State Bank of India | IND A1+ | 210.00 |
| Fund-based working capital limits | Citibank N.A. | IND AA+/Stable/IND A1+ | 500.00 |
| Non-fund-based working capital limits | Citibank N.A. | IND A1+ | 4000.00 |
| Non-fund-based working capital limits | HDFC Bank Limited | IND A1+ | 4500.00 |
| Fund-based working capital limits | Standard Chartered bank | IND AA+/Stable/IND A1+ | 500.00 |
| Non-fund-based working capital limits | Standard Chartered bank | IND A1+ | 4000.00 |
Commercial Paper Programme Details
Regarding the Commercial Paper programme, Ind-Ra noted that the paper, with maturities ranging from 7 to 365 days, received an IND A1+ rating and was Affirmed. The rating on this programme is valid for a maximum period of 1 year from the date of issuance, subject to continuous review.
Source: BSE
