Credit rating agency, CARE has revised Mercator’s rating for long term Bank facilities / NCDs to ‘BBB+’. On the other hand, the rating agency has kept rating for short term bank facilities unchanged at ‘A3+’. The rating denotes stable outlook. The rating is revised from ‘BBB’ (under credit watch with developing implications) and removed from credit watch.
As per CARE, the rating has been revised in view of positive impact on the capital structure of the Company (consolidated) as at end of FY17 by reduction on the high cost debt and improvement of the financial coverage ratios. Further, there has been improvement in performance of all the business segments during FY17. The ratings of the Company continue to derive strength from long track record of the company along with experienced promoters & management and its diversified revenue profile.
Mercator is one of India's largest private sector Dredging Company. The group has a presence in varied segments namely shipping, offshore services, oil exploration and production, dredging, coal mining/trading and logistics.
| Company Name | CMP |
|---|---|
| Shipping Corpn. | 305.85 |
| GE Shipping | 1425.30 |
| Dredging Corp | 976.65 |
| Seamec | 1556.00 |
| Shreeji Ship.Global | 377.10 |
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