Sterlite Technologies Limited has received an upgrade in its long-term credit rating from CRISIL to AA from AA-. The rating agency also reaffirmed the company’s short-term instrument ratings. This upgrade reflects improved financial standing and stability for the company’s long-term debt instruments. The details of the upgraded ratings and reaffirmed ratings can be accessed via the provided link to CRISIL’s rationale.
Sterlite Technologies Receives Major Credit Rating Upgrade
Sterlite Technologies Limited announced today that CRISIL has upgraded its credit rating for long-term instruments from AA- to AA. Additionally, the company’s ratings for short-term instruments have been reaffirmed. This significant upgrade signals enhanced financial strength and stability for Sterlite Technologies.
Key Rating Actions and Amounts
The upgrade applies to the company’s long-term facilities, including bank loans and non-convertible debentures. Specifically:
- Bank Loan Facilities with an amount of Rs.3564 crore (reduced from Rs.4045 crore) have been upgraded to Crisil AA/Stable.
- Non-Convertible Debentures totaling Rs.200.00 crore have been upgraded to Crisil AA/Stable.
- Non-Convertible Debentures totaling Rs.90.00 crore have been upgraded to Crisil AA/Stable.
- Non-Convertible Debentures totaling Rs.100.00 crore have been upgraded to Crisil AA/Stable.
Furthermore, the company’s short-term instruments have also seen action:
- Commercial Paper amounting to Rs.100.00 crore has been reaffirmed at Crisil A1+.
- Another tranche of Commercial Paper valued at Rs.700.00 crore has been withdrawn.
Accessing the Rating Rationale
Investors and interested parties can access the detailed rationale behind CRISIL’s rating decision at the following link: CRISIL Rating Rationale.
This positive rating action is a testament to Sterlite Technologies’ strong financial performance and its robust position in the market.
Source: BSE
