Credit Rating

CRISIL has re-affirmed International Combustion India's long-term rating at CRISIL BBB and short-term rating at CRISIL A3+ on the company's working capital credit facilities from its consortium bankers. While the actual ratings remain unchanged, CRISIL has revised the outlook on the long-term rating to Negative, signalling potential pressure ahead. CRISIL cited strengths including the company's strong track record, experienced management in the engineering & capital goods industry, diversified product profile and healthy financial risk profile. These were partially offset by susceptibility to demand cyclicality, raw material price volatility and large working capital needs.