Intimation of withdrawal of Credit Rating by ICRA Limited
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Awaiting price reaction for this filing.
ICRA Limited has withdrawn the credit ratings it had assigned to EKI Energy Services Ltd, effective April 01, 2025. The withdrawn ratings were [ICRA]BB+ (Stable) for long-term and [ICRA]A4+ for short-term facilities, which had been assigned to Rs. 60.00 crore of bank facilities. The company had earlier informed the exchange on December 17, 2024 about this development. ICRA stated it would be glad to be associated with rating any future borrowing programme of the company.
This is a withdrawal rather than a downgrade, so it does not directly signal worsening credit quality. However, it does mean the company no longer has an active external credit rating from ICRA, which may reduce visibility for lenders and investors. The prior rating of BB+ was already in the speculative (below investment-grade) category, so shareholders should watch for any clarity on why the rating was withdrawn and what it means for future borrowings.