CIE Automotive India Limited has informed the Exchange about Credit Rating
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ICRA Limited has reaffirmed the credit ratings assigned to CIE Automotive India Limited for a total credit facility of Rs. 575 crore. The long-term rating stands at [ICRA]AA with a Stable outlook, and the short-term rating at [ICRA]A1+. The rated facilities cover working capital limits from banks including ICICI Bank (Rs. 230 crore), Kotak Mahindra Bank (Rs. 150 crore), Bank of America (Rs. 94 crore), Sumitomo Mitsui Banking Corporation (Rs. 35 crore), Barclays Bank (Rs. 20 crore), and HSBC (Rs. 5 crore), plus Rs. 41 crore in unallocated limits. The ratings will be due for surveillance within one year.
The reaffirmation of the high AA rating with Stable outlook signals continued strong creditworthiness and no change in the company's borrowing terms or cost. Shareholders can take comfort that the company's debt profile remains stable and lenders retain confidence in its repayment ability.