Credit rating agency, ICRA has suspended LBBB+ rating assigned to Rs 61.3 crore term loans and Rs 30.0 crore cash credit facilities, and, A2 rating to Rs 11 crore bank guarantees’ and Rs 10 crore letter of credit facilities of Vinati Organics.
The suspension follows ICRA’s inability to carry out a rating surveillance in the absence of the requisite information from the company. According to its suspension policy, the rating agency may suspend any rating outstanding if in its opinion there is insufficient information to assess such rating during the surveillance exercise. The rating agency will withdraw the rating in case it remains under suspension for a period of three years.
Vinati Organics is a specialty chemical company producing organic intermediates, monomers and polymers. Vinati is the world’s largest manufacturer of Isobutylbenzene (IBB), the basic raw material in manufacture of Ibuprofen, with a capacity of 14,000 TPA.