Credit rating agency, ICRA has assigned an A1+ rating to the Rs 250 crore commercial paper programme (enhanced from Rs 150 crore) of Deepak Fertilisers & Petrochemicals Corporation. The rating agency also has ratings outstanding of AA for the Rs 791.67 crore non-convertible debenture programme, Rs 199.0 crore long term fund based limits and Rs 246.17 crore term loans and A1+ for the Rs 1301 crore non fund based limits. The outlook on the long term rating is Negative.
The ratings continue to reflect the company’s strong market position in its industrial chemicals business with market leadership in Ammonium Nitrate (TAN), Nitric acid and Iso-propyl Alchohol (IPA); stable demand prospects for TAN and IPA; and diversified product portfolio comprising of fertilisers and industrial chemicals.
Deepak Fertilisers & Petrochemicals is one of the leading manufacturers of industrial chemicals and fertilisers in India. The company operates in three business segments- chemicals, fertilisers and real estate.