ICRA upgrades Sterlite Tech long-term credit rating to AA from AA-minus
STLTECH · price
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ICRA has upgraded Sterlite Technologies long-term credit rating to AA with stable outlook from earlier AA-minus. The upgrade covers working capital facility of Rs 931 crore, term loan of Rs 95 crore and a euro term loan of 25.15 million. Short-term ratings have been reaffirmed at A1+ for commercial paper of Rs 500 crore and non-fund based limits of Rs 3,433 crore. Total rated exposure stands at Rs 4,975 crore plus the euro loan. A higher rating signals stronger financial health and may help reduce future borrowing costs.
Positive for shareholders. Higher rating reflects improved financial strength and may lower future borrowing costs for the company.