Lagnam Spintex Limited has informed the Exchange about Credit Rating
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India Ratings & Research has upgraded Lagnam Spintex's credit ratings on its bank facilities. The long-term rating was raised from IND BB+ to IND BBB- with a Stable Outlook, and the short-term rating improved from IND A4+ to IND A3. The agency also removed the previous 'Rating Watch with Developing Implications' tag. The upgrade covers term loans of about ₹2,161 million (reduced from ₹2,344.79 million) and fund-based/non-fund-based working capital limits from banks including SBI, HDFC Bank, PNB, Bank of Baroda, Indian Bank, Bank of Maharashtra, and Union Bank of India. Moving from BB+ to BBB- places the company in the investment-grade category, indicating improved creditworthiness.
This rating upgrade is positive for shareholders, as it reflects stronger financial health and lower perceived lending risk. It may help the company secure future loans at better interest rates, reducing borrowing costs and supporting growth.