Intimation of Credit rating of Oriental Foundry Private Limited, Wholly-Owned Subsidiary of the Company by CARE Ratings Limited
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Awaiting price reaction for this filing.
CARE Ratings has reaffirmed the credit ratings of Oriental Foundry Private Limited, the wholly-owned subsidiary of Oriental Rail Infrastructure Ltd. Long-term bank facilities of ₹136 crores (down from ₹173 crores) have been reaffirmed at CARE BBB; Stable, while short-term bank facilities of ₹115.50 crores (up from ₹55.50 crores) have been reaffirmed at CARE BBB; Stable / CARE A3. CARE BBB is an investment-grade rating, signalling adequate credit quality. The long-term facility limit has been reduced, while the short-term working capital limit has been more than doubled.
No negative impact on shareholders — the reaffirmation means the subsidiary's credit quality remains unchanged and stable. The sharp increase in short-term facility limit suggests easier access to working capital for the subsidiary's operations.