Rashtriya Chemicals and Fertilizers Limited (RCF) has received affirmed credit ratings from ICRA Limited across its major debt instruments as of March 24, 2026. The Non-Convertible Debentures (NCDs) are rated [ICRA]AA(Stable). Key facilities, including Fund-Based Cash Credit and Term Loans, retain the AA/AA(Stable) rating, reflecting strong credit quality. Commercial Paper was reaffirmed at A1+.
Credit Rating Reaffirmations by ICRA
Rashtriya Chemicals and Fertilizers Limited (RCF) has been informed by ICRA Limited regarding the periodic monitoring and reaffirmation of credit ratings for its various outstanding debt instruments and facilities. The rating actions were finalized on March 24, 2026, confirming a stable outlook across most long-term instruments.
Details of Rated Non-Convertible Debentures (NCDs)
The rating for the Non-Convertible Debentures (NCD) facility remains stable:
- Instrument: Non-Convertible Debentures (NCD)
- Rated Amount: Rs. 1,200 Crore
- Rating: [ICRA]AA(Stable)
Fund-Based and Non-Fund Based Facilities Ratings
Ratings for RCF’s core banking facilities were also confirmed:
- Long Term – Fund Based – Cash Credit (Rs. 1,100 Crore) rated [ICRA]AA, (Stable).
- Long Term – Fund Based – Term Loan (Rs. 3,500 Crore) rated AA(Stable).
- Long Term/Short Term – Non-Fund Based – Others (Rs. 500 Crore) rated [ICRA]AA (Stable) / [ICRA]A1+.
Commercial Paper Rating
The rating assigned to the Commercial Paper tranche, representing short-term liquidity instruments, was reaffirmed:
- Instrument: Commercial Paper
- Rated Amount: Rs. 3,000 Crore
- Rating: [ICRA]A1+; Outstanding
Bank Limits Rated by ICRA (Annexure Summary)
In a related communication dated March 20, 2026, ICRA also detailed ratings pertaining to various bank limits totaling Rs. 5,100 Crore, which included Term Loans and Cash Credit facilities with several major banks, predominantly maintaining the [ICRA]AA(Stable) rating category.
This intimation serves to notify the relevant stakeholders of the current credit rating status across RCF’s principal instruments, ensuring transparency in its financial obligations.
Source: BSE
