Rane (Madras) Limited has informed the Exchange about Credit Rating
RML · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
ICRA Limited has withdrawn its credit ratings on bank facilities worth Rs. 165.32 crores that were originally assigned to Rane Brake Lining Limited (RBL). This withdrawal is procedural and follows the recent amalgamation of RBL into Rane (Madras) Limited (RML), as RBL no longer exists as a separate legal entity. The withdrawn ratings were [ICRA] AA- (long-term) and [ICRA] A1+ (short-term), both previously on 'Rating Watch with Developing Implications'. Importantly, the merged entity RML already has active credit ratings from CRISIL Limited, which continue to be in force.
This is a routine, technical action triggered by the merger and not a reflection of any credit quality change. Shareholders should not read this as a downgrade or negative signal — the company continues to be rated by CRISIL for its banking facilities.