Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Ahluwalia Contracts’ long term bank facilities worth Rs 212 crore to ‘BBB+’ from ‘BBB’. The rating agency has also revised rating of company’s Long-term/Short-term Bank Facilities worth Rs 750 crore from ‘BBB/ A3’ to ‘BBB+/ A3+’.
The revision in the ratings assigned to the bank facilities of Ahluwalia Contracts (India) (ACIL) takes into account the improvement in operating margins of the company in H2FY14 (refers to the period October 01 to March 31) and H1FY15 (refers to the period from April 1 to September 30) and infusion of equity by the promoters in December 2014, which has led to reduction in debt levels and improvement in the liquidity position of the company.
Ahluwalia Contracts (India) is engaged in providing construction related services including design on turnkey basis and assuring timely completion of projects within budget and with excellent quality.
