Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015 - Upgraded Credit Rating.
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Permanent Magnets Ltd has received a credit rating upgrade from Acuité Ratings & Research Limited for its banking facilities totaling Rs. 34.48 crore. The long-term bank facility rating has been raised from ACUITE BBB- to ACUITE BBB with a Stable outlook, covering Rs. 16.86 crore. The short-term bank facility rating has been upgraded from ACUITE A3 to ACUITE A3+, covering Rs. 17.62 crore. The upgrades apply to facilities from Central Bank of India and State Bank of India, including cash credit, letters of credit, and term loans. The rating letter is valid until February 3, 2027.
This rating upgrade signals improved financial health and better creditworthiness, which could lower the company's future borrowing costs and enhance lender confidence. For shareholders, it reflects positively on the company's operational and financial stability.