CRISIL has reaffirmed the Ratings and subsequently Withdrawn the rantings assigned at the request of the Company.
RAJPALAYAM · price
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Rajapalayam Mills has informed the stock exchanges that CRISIL has reaffirmed its credit ratings on the company's borrowings and subsequently withdrawn them at the company's own request. The long-term rating of 'A' with a 'Negative' outlook has been reaffirmed for facilities aggregating to Rs. 1,491.46 crore across letter of credit, bank guarantee, term loans, and working capital loans. The short-term rating of 'A2+' was also reaffirmed for the Rs. 6 crore foreign exchange forward facility. The withdrawal was initiated by the company itself, not by CRISIL for any credit-related concern.
The rating itself was maintained at investment grade ('A'), which is reassuring for lenders and creditors. However, the 'Negative' outlook flags some concern about future rating direction. Since the company itself requested withdrawal, this is likely a cost-saving or housekeeping move rather than a signal of trouble. Shareholders should monitor for any further disclosures on the reason for the withdrawal.