CARE Ratings has reaffirmed the credit ratings for KEI Industries’ long-term bank facilities at CARE AA+; Stable and short-term bank facilities/commercial paper at CARE A1+. The rating for fixed deposits has been withdrawn as per the company’s request. The reaffirmed ratings indicate a high degree of safety regarding the timely servicing of financial obligations.
Credit Ratings Reaffirmed
CARE Ratings Limited has reaffirmed the ratings for KEI Industries’ financial instruments. The long-term bank facilities maintain a rating of CARE AA+; Stable (Double A Plus; Outlook: Stable). Short-term bank facilities and commercial paper are rated CARE A1+ (A One Plus).
Fixed Deposit Rating Withdrawn
The rating for KEI Industries’ fixed deposit program has been withdrawn at the company’s request. As of the reporting date, no fixed deposits were raised or are repayable by the company, with no outstanding amounts payable.
Rating Definitions
Instruments with a CARE AA+ rating are considered to have a high degree of safety for timely financial obligations, carrying very low credit risk. Instruments with a CARE A1+ rating have a very strong degree of safety for timely payments, carrying the lowest credit risk.
Detailed Bank Facility Ratings
The long-term facilities amount to Rs.1,200.00 crore, with lenders including Union Bank of India, Axis Bank Ltd, and proposed facilities. Fund-based limits also amount to Rs. 600.00 crore, involving banks such as Bank of Baroda, State Bank of India, and Punjab National Bank.
Short-Term Facilities
Short term facilities total Rs. 2,650.00 crore. Lenders include Bank of Baroda (Rs 430.00 crore), Axis Bank Ltd (Rs 338.00 crore), and State Bank of India (Rs 325.00 crore).
Commercial Paper
The commercial paper issue is rated CARE A1+, with a total amount of Rs. 30.00 crore. This is carved out from the company’s sanctioned working capital limits.
Source: BSE
