The rating for company's non-fund based limits reaffirmed at A1+ but removed from Watch with developing implications by ICRA.
Tata Sponge Iron shares slipped 2.4 percent intraday Monday after rating agency ICRA downgraded long term ratings of the company.
ICRA downgraded the long term ratings assigned to the fund based bank limits, and re-affirmed the short term rating assigned to the non-fund based bank facilities of the company.
ICRA downgraded company's fund based-cash credit rating to AA-/Stable from AA, which was earlier placed under Rating Watch with developing implications.
The rating for company's non-fund based limits reaffirmed at A1+ but removed from Watch with developing implications by ICRA.
In addition, the rating agency has downgraded and withdrawn rating for company's fund based - proposed term loan. "Large growth plans relative to current balance sheet size exposes company to business and financing risks," ICRA reasoned for downgrade rating.
At 11:59 hours IST, the stock was quoting at Rs 828.00, down Rs 5.60, or 0.67 percent on the BSE
GET ONE DAY FREE TRAL>>>GOLD SILVER TIPS
No comments:
Post a Comment