Chennai Petroleum Corporation Limited (CPCL) has announced that CRISIL Ratings has reaffirmed its highest credit ratings of ‘Crisil AAA/Stable’ for its bank facilities and ‘Crisil A1+’ for its commercial paper. These ratings signify the company’s strong capacity to meet its financial commitments. The updated credit rating information has been hosted on the company’s website for stakeholders.
CRISIL Reaffirms Top Credit Ratings for CPCL
Chennai Petroleum Corporation Limited (CPCL) has received confirmation of its robust financial standing as CRISIL Ratings has reaffirmed the company’s credit ratings. The reaffirmation includes the highest rating of ‘Crisil AAA/Stable’ for CPCL’s bank facilities and ‘Crisil A1+’ for its commercial paper. These ratings underscore CPCL’s strong financial health and its excellent capacity to fulfill its debt obligations.
Details of Credit Facilities
The attached documentation provides a detailed breakdown of the credit ratings assigned to various debt instruments. For bank guarantees and letters of credit, CRISIL has assigned a ‘Crisil A1+’ rating, indicating a very strong capacity for timely payment of financial obligations. For numerous fund-based facilities and the proposed long-term bank loan facility, the rating stands at ‘Crisil AAA/Stable’, signifying the highest degree of safety regarding timely payment of financial obligations.
Specifics include:
- Bank Guarantee: ₹25 crore rated ‘Crisil A1+’ by IndusInd Bank Limited.
- Cash Credit: ₹3000 crore rated ‘Crisil AAA/Stable’ by State Bank of India.
- Fund-Based Facilities: Various amounts totaling ₹5,425 crore rated ‘Crisil AAA/Stable’ across ICICI Bank Limited, HDFC Bank Limited, Punjab National Bank, Bank Of India, IndusInd Bank Limited, The Federal Bank Limited, YES Bank Limited, and The South Indian Bank Limited.
- Letter of credit & Bank Guarantee: ₹184 crore rated ‘Crisil A1+’ by State Bank of India.
- Proposed Long Term Bank Loan Facility: ₹0.9 crore rated ‘Crisil AAA/Stable’.
Accessibility of Information
CPCL has made this updated credit rating information accessible to its stakeholders. The complete list of updated credit ratings is attached with this communication and has also been prominently hosted on the company’s official website at https://www.cpcl.co.in/investors/share-holder-information/credit-rating/.
Source: BSE
