Samvardhana Motherson International Limited has informed the Exchange about Credit Rating update published by Fitch Ratings for the Company and its subsidiaries.
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Fitch Ratings has updated its credit ratings for Samvardhana Motherson International Limited (SAMIL) and its subsidiaries. The long-term issuer default rating of BB+ has been affirmed for both SAMIL and SMRP B.V, but the outlook has been revised from Positive to Stable. The BBB- rating on long-term senior secured notes of SMRP B.V and Motherson Global Investment B.V. (MGI B.V) has been affirmed. Fitch has also withdrawn the rating for SMRP B.V at the company's request, following a change in security structure where a parent guarantee from SAMIL now backs the outstanding facilities.
The affirmation of the BB+ rating shows the company's credit profile remains unchanged, but the outlook shift from Positive to Stable signals that Fitch no longer expects a near-term rating upgrade. Shareholders may view this as mildly negative as it removes the possibility of an upgrade catalyst, though it does not affect the current borrowing cost since the rating itself is unchanged.