Finolex Industries Limited has informed the Exchange about Credit Rating
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India Ratings and Research has affirmed Finolex Industries' credit rating on its bank loan facilities at IND AA+/Stable for long-term and IND A1+ for short-term instruments. The total rated bank loan facility size stands at INR 19,163 million, down from the earlier INR 22,057.50 million. The reduction is because the company chose not to proceed with proposed working capital limits of INR 2,894.5 million, which have been withdrawn. Facilities are spread across multiple lenders including HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, HSBC, and Citibank, covering both fund-based and non-fund-based working capital limits. The stable outlook indicates the rating agency expects no near-term change in the company's credit profile.
Retention of the strong AA+ rating with a stable outlook signals continued financial health and low credit risk, which is neutral to mildly positive for the stock. It supports the company's borrowing costs and lender confidence, though it is not a rating upgrade.