Withdrawal of Credit Rating
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Awaiting price reaction for this filing.
Transcorp International Ltd has voluntarily withdrawn the credit rating assigned by Brickwork Ratings (BWR) for its bank loan facility of Rs. 10.00 Crores (Short Term Revolving Loan from Bajaj Finance). This withdrawal comes just days after a downgrade on 12 September 2025, when the rating was cut from BWR BB+/Stable to BWR BB/Stable. The company obtained a No Objection Certificate from Bajaj Finance before seeking withdrawal. The bank loan remains outstanding, but it will now carry no formal credit rating. Separately, the rating for Fixed Deposits of Rs. 0.37 Crores was reaffirmed at BWR BB/Stable and remains active. Brickwork noted the company has comfortable solvency (gearing under 1x), improved net cash accruals of Rs. 4.73 Cr in FY25, and adequate liquidity, though it flagged dependency on subsidiary dividends and an unresolved SCN from 2022 as monitorables.
The rating had already been downgraded before withdrawal, so the immediate negative news is largely priced in. However, withdrawal reduces public visibility into the company's credit health for the Rs. 10 Cr loan, which may concern some investors and lenders. Shareholders should note the FD rating remains active at BB/Stable.