Credit rating agency, ICRA has upgraded long term rating of Relaxo Footwears to ‘AA-’ with stable outlook from ‘A+’ with positive outlook for Rs 201.67 crore for Term Loans and Fund based facilities.
Besides, the rating agency has reaffirmed short term rating of ‘A1+’ for Rs 120 crore for Non Fund based facilities of the company. The agency has also reaffirmed short term rating for Commercial Paper (CP) of the company as ‘A1+’ for Rs 50 crore.
Relaxo Footwears is engaged in the manufacturing and trading of footwear and related products. The principal activity of the company is the manufacture of footwear made primarily of vulcanized or molded rubber and plastic.
