ICRA Limited has withdrawn its [ICRA] A1+ credit rating for Titan Company’s commercial paper (CP) issuance of ₹2,500 crore. The withdrawal follows the complete redemption of the CPs, leaving no outstanding amount. The rating withdrawal was made at Titan’s request and aligns with ICRA’s policy on rating withdrawals.
Commercial Paper Rating Update
ICRA Limited has withdrawn the credit rating for Titan Company Limited’s commercial paper (CP) program, effective September 29, 2025. The affected CP issuance amounted to ₹2,500 crore and previously held a rating of [ICRA] A1+.
Reason for Withdrawal
The credit rating withdrawal is a direct consequence of the full redemption of the rated commercial paper. According to the official statement, all rated CPs have been entirely redeemed, and there are currently no outstanding amounts against these instruments. This action is also consistent with ICRA’s policy regarding the withdrawal of credit ratings when the underlying instruments have been fully repaid.
Titan’s Financial Ratings Profile
Despite this change, other ratings for Titan remain in place. As of September 2025, ICRA has affirmed a rating of [ICRA]AAA (Stable) for Titan’s long-term fixed deposit programme, fund-based facilities, and term loans. Further details include:
- Long Term – Fixed Deposit Programme: ₹6,200.00 crore, rated [ICRA]AAA (Stable)
- Long-term/Short-term – Fund-based/ Non-fund based facilities: ₹7,305.00 crore, rated [ICRA]AAA (Stable)/ [ICRA]A1+
- Long-term – Fund-based – Term Loans: ₹1,000.00 crore, rated [ICRA]AAA (Stable)
Source: BSE
