National Fertilizers Limited (NFL) received affirmation on its credit ratings from India Ratings & Research. The long-term facilities, including Fund-Based Bank Loans, were affirmed at IND AA/Stable. The short-term facilities and Commercial Paper were affirmed at the highest short-term rating of IND A1+. These affirmations apply to facilities totaling ₹230,000 million across both fund-based and non-fund-based limits, reflecting strong creditworthiness.
Credit Rating Affirmation Announcement
National Fertilizers Limited (NFL) has announced the affirmation of its credit ratings for various facilities by India Ratings & Research, effective March 27, 2026. This intimation follows the regulatory requirements for listed entities.
Summary of Assigned Ratings
The ratings cover significant banking facilities and the company’s commercial paper program. The key ratings assigned are as follows:
- Bank Loan Facilities (Fund Based): Rated at IND AA/Stable/IND A1+ for a limit of ₹90,000 million.
- Bank Loan Facilities (Non-Fund Based): Rated at IND A1+ for a limit of ₹96,000 million.
- Commercial Paper: Rated at IND A1+ for a limit of ₹40,000 million.
All rating actions resulted in an Affirmed status, signaling consistent credit quality assessment by the agency.
Facilities Breakup Details
The detailed breakdown shows the distribution of the rated facilities across various banking partners. The total rated size encompasses both Fund-Based and Non-Fund-Based Working Capital Limits.
Fund-Based Limits Overview (Total Rated: ₹90,000 million)
The largest components of the Fund-Based limits include:
- State Bank of India: ₹30,000.00 million (Rated IND AA/Stable/IND A1+)
- Bank of India: ₹15,750.00 million (Rated IND AA/Stable/IND A1+)
- Punjab National Bank: ₹25,600.00 million (Rated IND AA/Stable/IND A1+)
Non-Fund-Based Limits Overview (Total Rated: ₹90,000 million)
The Non-Fund-Based limits, largely rated IND A1+, show significant exposure with major institutions:
- ICICI Bank: ₹28,550.00 million (Rated IND A1+)
- Indus Ind Bank Limited: ₹20,350.00 million (Rated IND A1+)
- State Bank of India: ₹20,000.00 million (Rated IND A1+)
Commercial Paper Rating
The Commercial Paper Programme, sized at INR40,000 million with a maturity tenure of 7-365 days, was affirmed at the highest short-term rating of IND A1+. India Ratings noted this rating is valid for a maximum period of 1 year from the date of issuance.
Source: BSE
