Rating agency CRISIL has assigned its ‘AA/Stable’ rating to the Rs 150 crore non-convertible debenture (NCD) issue of Tube Investments of India, while reaffirming its rating on the company’s other bank facilities and debt programmes at ‘AA/Stable/A1+’. The rating agency has also withdrawn its rating on the company’s non-convertible debenture issue of Rs 100 crore as the instrument has been fully redeemed.
The ratings continue to reflect the company’s healthy business risk profile, marked by its diversified revenue streams and leading market position in most of its businesses.
Tube Investments of India is the flagship company of the Murugappa Group with multiple businesses ranging from diversified auto-ancillary products, bicycle retailing to financial services and insurance.
