ICRA Limited has reaffirmed the long-term and short-term credit ratings for CIE Automotive India Limited’s credit facilities. The company’s long-term rating stands at [ICRA]AA (Stable), with the short-term rating at [ICRA]A1+. These ratings apply to a credit facility totaling Rs. 575 Crore, comprising fund-based and non-fund-based components. The reaffirmation underscores the company’s consistent financial health and its ability to meet its debt obligations.
Credit Rating Reaffirmation
ICRA Limited, a prominent credit rating agency, has announced the reaffirmation of credit ratings for CIE Automotive India Limited. This update pertains to the company’s credit facility amounting to Rs. 575 Crore. The reaffirmed ratings signify continued confidence in the company’s financial stability and its robust creditworthiness.
Key Ratings Assigned
The detailed rating action highlights the following:
- Long-Term Rating: [ICRA]AA (Stable)
- Short-Term Rating: [ICRA]A1+
These ratings are assigned to the company’s fund-based/non-fund-based credit facilities, including any unallocated portions, with a total sanctioned amount of Rs. 575 Crore. The “Stable” outlook on the long-term rating indicates that ICRA expects the company’s financial performance and credit profile to remain steady over the medium term.
Details of Bank Facilities
The report further breaks down the credit limits as rated by ICRA. The total sanctioned amount of Rs. 575.0 crore is distributed across various banking facilities and unallocated limits. Key fund-based/non-fund-based working capital facilities include contributions from banks such as ICICI Bank (Rs. 230.0 crore), Kotak Mahindra Bank (Rs. 150.0 crore), Bank of America (Rs. 94.0 crore), HSBC Bank (Rs. 5.0 crore), and Sumitomo Mitsui Banking Corporation (Rs. 35.0 crore). Additionally, there are unallocated limits amounting to Rs. 61.0 crore.
Regulatory Compliance and Outlook
CIE Automotive India Limited has communicated this update as per the requirements of Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also uploaded this information on its website, www.cie-india.com.
Source: BSE
