VIYASH · price
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Viyash Scientific Ltd has received confirmation that India Ratings and Research (Ind-Ra) has withdrawn the rating for its bank loan facilities of INR 350 million. The rating was affirmed at 'IND AA-'/Stable/'IND A1+' before being withdrawn at the company's request. This appears to be a strategic decision as the company continues to be rated by ICRA Ratings, which upgraded its rating to [ICRA] AA- (Stable) in April 2026. The company remains investment-grade rated despite changing its primary rating agency from Ind-Ra to ICRA.
The withdrawal of Ind-Ra rating with a prior affirmation at AA- (stable) does not indicate credit deterioration. The company's continued ICRA AA- rating suggests stable credit health. Shareholders should view this as an agency consolidation rather than a credit concern.