Credit rating agency, Credit Analysis & Research (CARE) has revised rating assigned to Ruchi Soya Industries’ long term bank facilities worth Rs 3,794.71 crore to ‘D’ from ‘B’. The credit rating agency has also revised rating assigned to long-term/short-term bank facilities worth Rs 6,931.40 crore from ‘B/A4’ to ‘D/D’. The revision in the ratings assigned to the bank facilities of Ruchi Soya Industries (RSIL) takes into account recent delays in servicing of debt obligations on account of stress on its liquidity on the back of huge loss posted in FY16 and subdued operating performance in H1FY17.
Ruchi Soya is India’s leading FMCG Company, India’s number one cooking oil and soy food maker and marketer. It is also the highest exporter of soya meal, lecithin and other food ingredients from India.
