Credit rating agency, CARE has reaffirmed ‘BBB+’ rating to Ushdev International’s long-term bank facilities worth Rs 555.64 crore. The rating agency has also reaffirmed ‘A3+’ rating to the company’s short-term bank facilities worth Rs 2,000.00 crore.
The ratings assigned to the bank facilities of Ushdev International (UIL) continue to be supported by the extensive experience of the promoters and management in metal trading business, a business model which protects UIL’s operating margin from price related risks to a large extent and the steady growth in turnover led by diversified trading activity.
Ushdev International core activities are power generation and trading of steel. Steel trading being its parent business and doing well in that, the company was in an urge to get into an altogether new area, and thus started investing into power generation through windmills from 1997 onwards.
