Clarification on Credit Rating of the Company
RMC · price
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Awaiting price reaction for this filing.
RMC Switchgears has informed the stock exchange that Brickwork Ratings (BWR) is still publishing the company's credit rating on its website marked 'Issuer did not cooperate,' even though the company had requested withdrawal of the BWR rating back in June 2023. The company has obtained no-objection certificates from its bankers, PNB and Federal Bank, to support the withdrawal. RMC has now appointed Infomerics Valuation and Rating Limited as its credit rating agency and says it will share new ratings from Infomerics once received. The company alleges that BWR is publishing incorrect and unauthorized information about its rating.
This is a procedural clarification rather than a new rating action, so the direct stock impact is limited. However, the 'Issuer did not cooperate' tag from BWR could create confusion among investors until the matter is resolved, and shareholders should watch for the upcoming credit rating from Infomerics for an updated view of the company's creditworthiness.