Credit rating agency -- ICRA has upgraded the credit rating of Zuari Agro Chemicals’ term loans, long- term fund-based limits, long-term unallocated limits and compulsorily convertible debentures (CCDs) to ‘B’ with a stable outlook from ‘D’. The rating agency also upgraded rating on short term non-fund based limits and short-term unallocated limits to ‘A4’ from D.
The ratings upgrade factors in account of regularisation of payment of debt obligations by the company for a period of more than three months and operationalisation of the urea plant.
Zuari Agro Chemicals is one of the leading fertilizer conglomerates in India. The company produces high-quality complex fertilizers of various grades along with seeds, pesticides, micro nutrients, and specialty fertilizers.
