India Ratings and Research (Ind-Ra) has affirmed and assigned bank loan ratings for Polyplex Corporation Limited’s facilities. The total rated amount stands at INR 8,670 million. Key existing facilities, including Term Loans and working capital limits, were Affirmed with a rating of IND AA-/Stable/IND A1+. A significant Term Loan of INR 3,470 million was newly Assigned the same rating.
Credit Rating Update from India Ratings
Polyplex Corporation Limited is pleased to announce that India Ratings and Research Private Limited (Ind-Ra) has reviewed and finalized the ratings for the company’s bank loan facilities. This disclosure is made pursuant to the applicable listing regulations.
Summary of Rating Actions
The total rated exposure across all facilities amounts to INR 8,670 million. The rating agency has primarily maintained strong ratings across the debt profile. The rating assigned across most categories, including existing Term Loans and Fund-based working capital limits, is IND AA-/Stable/IND A1+, which has been Affirmed.
A new Term Loan of INR 3,470 million was also Assigned the rating of IND AA-/Stable/IND A1+.
Facilities Breakup Details
The rating action covers various instruments across multiple banks. The assigned and affirmed ratings confirm stability across the debt structure:
- Term Loans (Total INR 4,470 million): Rated IND AA-/Stable with HDFC Bank Limited (INR 1,000 million and INR 2,800 million) and Axis Bank Limited (INR 670 million).
- Fund-Based Working Capital Limits (Total INR 4,200 million): Rated IND AA-/Stable/IND A1+ across facilities with IDBI Bank (INR 650 million), HDFC Bank Limited (INR 850 million), DBS Bank India Limited (INR 450 million), Axis Bank Limited (INR 500 million), Yes Bank Ltd (INR 700 million), ICICI Bank (INR 500 million), and CTBC Bank (INR 550 million).
The accompanying report, dated March 09, 2026, confirms the strong rating outlook based on the company’s financial standing and operational capabilities.
Source: BSE
