ICRA downgrades Shalby rating to A from A+; outlook revised to Stable from Negative
SHALBY · price
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ICRA has downgraded Shalby Limited's credit rating from A+ to A for bank credit facilities totaling Rs. 830 crore, covering cash credit, term loans, and standby line of credit with HDFC Bank, IndusInd Bank, Citibank, and ICICI Bank. At the same time, the outlook has been revised from Negative to Stable, suggesting the agency sees reduced near-term risk of further downgrade. The downgrade reflects a weaker credit profile, while the improved outlook signals stabilization.
A one-notch downgrade may slightly raise borrowing costs, but the outlook improvement from Negative to Stable signals reduced near-term risk.