Credit rating agency CARE has revised rating of JK Tyre & Industries’ long-term bank facilities worth Rs 2,230.80 crore to ‘A’ from ‘A-’. The rating agency has also reaffirmed ‘A1’ rating to the company’s short term bank facilities worth Rs 1,325.30 crore.
The revision in the ratings of the bank facilities of the company takes into account the improved operating profitability in FY14 leading to reduction in the gearing levels.
JK Tyre & Industries is the flagship company under the umbrella of JK Organization. JK Tyre is the pioneer for Steel Radial technology in India. Over the years, the company has expanded and diversified its business portfolio. It has developed into a multi product, multi-location corporate entity.
