Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Balasore Alloys’ long-term bank facilities worth Rs 49.04 crore to ‘BBB-/Stable’ from ‘BB’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 41.17 crore to ‘A3’ from ‘A4’.
The revision in the ratings assigned to the bank facilities of Balasore Alloys (BAL) takes into account the improvement in its financial performance in H1FY17 (refers to the period April 01 to September 30), along with improved debt protection metrics due to growth in sales volume and sales realizations backed by increased demand of ferrochrome and improvement in ferrochrome prices in the global market.