ICRA reaffirms ‘AA+’ rating assigned to NCD issue of Graphite India

10 Jan 2012

Credit rating agency, ICRA has reaffirmed the rating ‘AA+’ assigned to the non convertible debentures (NCD) programme of Graphite India amounting to Rs 100 crore and the outlook on the rating is stable. The agency has also reaffirmed the rating ‘A1+’ assigned to commercial paper/ short term debt programme of the company amounting Rs 30 crore.

Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.

Further, the agency has reaffirmed the rating ‘AA+’ and ‘A1+’ assigned to long term bank limits and short term bank limits of the company amounting to Rs 75 crore and Rs 505 crore respectively. The outlook on the long-term rating is stable.

Graphite India (GIL) is engaged in manufacturing of graphite electrodes. GIL set up its first facility at Durgapur in east India in 1967. Besides graphite electrodes, the company also manufactures anodes, other miscellaneous carbon and graphite products and calcined petroleum coke.
  

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