Credit rating agency, ICRA has reaffirmed the long-term rating assigned to the Rs 16.89 crore (reduced from Rs 32.87 crore) term loans and the Rs 70.00 crore fund-based facilities of Basant Agro-Tech (India) at ‘BBB’ on August 17, 2018. The rating agency has also reaffirmed the short-term rating assigned to the Rs 50.00 crore non-fund based facilities of the company at ‘A2’. The outlook on the long-term rating is Stable.
The ratings reaffirmation continues to favourably factor in the company’s established presence in Maharashtra, Madhya Pradesh and Karnatakaas a manufacturer of single super phosphate (SSP) and mixture nitrogen, phosphorus and potassium (NPK) fertilisers, with five plants located in interior regions, which provides better access to end-user markets.
