CARE Ratings has reviewed the credit ratings of Gujarat State Petronet Limited (GSPL). The long-term bank facilities continue to be rated CARE AA+ (RWD), remaining on ‘Rating Watch with Developing Implications’. The long-term/short-term bank facilities are rated CARE AA+ (RWD) / CARE A1+, with the long-term rating also placed on ‘Rating Watch with Developing Implications’ and the short-term rating reaffirmed.
Credit Rating Review
CARE Ratings has conducted a review of Gujarat State Petronet Limited’s (GSPL) credit ratings, taking into account recent operational and financial performance for FY25 (Audited) and H1FY26 (Unaudited). The review also considered updates following the announcement of the proposed amalgamation of GSPL with Gujarat Gas Limited (GGL), including the subsequent de-merger of the transmission business into a separate listed entity.
Long-Term Bank Facilities
The rating for long-term bank facilities, amounting to ₹50.00 crore (reduced from ₹500.00 crore), continues to be CARE AA+ (RWD) and remains on ‘Rating Watch with Developing Implications’.
Long-Term / Short-Term Bank Facilities
The long-term/short-term bank facilities, amounting to ₹250.00 crore (reduced from ₹300.00 crore), are rated CARE AA+ (RWD) / CARE A1+. The long-term rating is placed on ‘Rating Watch with Developing Implications’, while the short-term rating is reaffirmed.
Details of Rated Facilities
The rated amount for proposed long term facilities is ₹50.00 crore. The rated amounts for long/short term facilities are as follows:
- ICICI Bank Ltd.: ₹75.00 crore
- RBL Bank Limited: ₹65.00 crore
- Bank of Baroda: ₹55.00 crore
- Yes Bank Ltd.: ₹30.00 crore
- Proposed: ₹25.00 crore
Source: BSE
