Credit rating agency, Credit Analysis & Research (CARE) has revised rating of A2Z Maintenance & Engineering Services’ long term bank facilities worth Rs 639.42 crore to BBB+ from A. The rating agency has also revised rating of the company’s short term bank facilities worth Rs 1,558 crore to A2 from A1.
Recently, the rating agency had revised the credit ratings of the company’s outstanding commercial paper (CP) issue of Rs 25 crore to A2 from A1.
A2Z Maintenance & Engineering Services engaged in providing services to the power transmission and distribution sector with a focus primarily on the distribution segment. The company is diversifying this business to provide EPC services to power generation companies and companies in other sectors, including road and telecommunications.