Express Pharma

DIL announces upgrade in credit ratings of subsidiary, Fermenta Biotech

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The revised upgraded rating takes into account the impact of the proposed amalgamation of FBL with the company

DIL announced an upgrade in Credit Rating assigned to its subsidiary, Fermenta Biotech Ltd (FBL), by CARE Ratings with effect from January 10, 2019. The revised upgraded rating takes into account the impact of the proposed amalgamation of FBL with the company. Along with the upgrade, CARE Ratings have also changed the outlook from ‘Under credit watch with developing implications’ to ‘Stable.’

The ratings have been upgraded across the different debt instruments as detailed below:
Long-term Bank Facilities (fund based limit): CARE A- Stable
Revised from CARE BBB+; under Credit watch with developing implications)
Long-term Bank Facilities (term loan): CARE A- Stable
(Revised from CARE BBB+; under Credit watch with developing implications)

Short-term Bank Facilities (non-fund based limit): CARE A2
(Revised from CARE A3+; under Credit watch with developing implications)

 

 

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