Credit rating agency, CRISIL has downgraded rating of Pradeep Metals’ long term bank facilities worth Rs 96 crore to ‘BB+/Negative’ from ‘BBB/Negative’. The rating agency has also downgraded rating of the company’s short term bank facilities to ‘A4+’ from ‘A3+’.
Pradeep Metals manufactures closed-die forgings for the Valve, Instrumentation, Petrochemical, and General Engineering industries around the world.