CG Power and Industrial Solutions Limited announced that India Ratings and Research (Ind-Ra) has affirmed its existing credit ratings following a review completed on March 19, 2026. The Issuer Rating remains at IND AA+/Stable. Key debt instruments, including bank loan facilities and commercial papers, have also been affirmed or assigned with stable outlooks, reflecting confidence in the company’s financial stability.
Credit Rating Actions Announced
CG Power and Industrial Solutions Limited has formally disclosed the credit rating actions taken by India Ratings and Research (Ind-Ra) as of March 19, 2026. These actions cover the company’s overall standing and specific debt instruments, reflecting the rating agency’s assessment of the company’s credit profile.
Rating Summary for Key Instruments
The rating agency confirmed the following significant ratings actions:
- Issuer Rating: Affirmed at IND AA+/Stable.
- Bank Loan Facilities (INR 31.21 billion): Affirmed at IND AA+/Stable/IND A1+.
- Commercial Papers (INR 5.00 billion) (yet to be placed): Affirmed at IND A1+.
- Bank Loan Facilities (INR 14.00 billion): New rating Assigned at IND AA+/Stable/IND A1+.
Furthermore, the rating for the Commercial Papers will not be carved out from the fund-based working capital limits.
Breakup of Rated Facilities
The attached annexure provided a detailed breakdown of the facilities reviewed, primarily concerning various working capital limits:
| 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 |
Rating for Commercial Paper Programme
A separate communication addressed the rating action for the Commercial Paper programme. The rating assigned was IND A1+, and this rating action was Affirmed. The maturity range for these papers is between 7 to 365 days, with a total size of INR 5.00 billion. The rating remains valid for a maximum period of 1 year from the date of issuance, subject to ongoing review.
Source: BSE
