Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Essar Steel’s long term bank facilities worth Rs 6,000 crore to ‘D’ from ‘C’. The rating agency has reaffirmed ‘D’ rating to the company’s Long-term/Short-term bank facilities worth Rs 36,100 crore. The rating agency has also reaffirmed ‘D’ ratings to company’s NCD worth Rs 312 crore. The said ratings reflect the ongoing delays in servicing of debt obligations by the company.
Essar Steel India is a part of the Essar Group and is having 10 MTPA integrated steel manufacturing facilities at Hazira, Gujarat and iron ore beneficiation and pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag, Andhra Pradesh (8 mtpa).
