Hindustan Aeronautics Limited (HAL) has announced the withdrawal of its credit ratings by ICRA Limited for its long-term fund-based limits of ₹4,000.00 crore and its short-term non-fund-based limits of ₹2,050.00 crore. The withdrawal, effective November 11, 2026, was requested by HAL and approved by ICRA, which stated no information suggests a change in credit risk since the last review.
ICRA Withdraws Ratings for HAL Facilities
Hindustan Aeronautics Limited (HAL) has officially informed the stock exchanges about the withdrawal of its credit ratings by ICRA Limited. This action pertains to HAL’s substantial credit facilities, including ₹4,000.00 crore in long-term fund-based limits and ₹2,050.00 crore in short-term non-fund-based limits. The total value of facilities affected by this withdrawal amounts to ₹6,050.00 crore.
Rationale Behind Withdrawal
The rating withdrawal, dated November 11, 2026, was initiated at the request of Hindustan Aeronautics Limited. ICRA has confirmed that this decision was made subsequent to receiving No Objection Certificates (NOC) from HAL’s bankers. Crucially, ICRA stated that it does not possess any information indicating a change in HAL’s credit risk profile since the last time the ratings were reviewed. The previous rating for the long-term facility was [ICRA]AAA (Stable), and for the short-term facility was [ICRA]A1+.
Company and Previous Ratings
Hindustan Aeronautics Limited, a defence public sector undertaking, operates in the design, development, manufacturing, maintenance, repair, overhaul, and servicing of aircraft and related systems. As of March 31, 2026, the Government of India held a significant stake of 71.64% in HAL. The company was previously rated [ICRA]AAA (Stable) for its long-term fund-based limits and [ICRA]A1+ for its short-term non-fund-based limits.
Source: BSE
