Credit rating agency, ICRA has assigned / reaffirmed the following ratings to the various Loans / Facilities of the Gulf Oil Corporation. The rating agency has reaffirmed ‘BBB/Stable’ rating to Long Term Loan Facility amounting Rs 100 crore. It has also reaffirmed ‘BBB/Stable’ rating to Fund Based Working Capital Limits amounting to Rs 95 crore. Besides, a rating of ‘A3+’ has been reaffirmed to the Non-fund Based Working Capital Limits amounting Rs 405 crore.
The ratings were on watch of ICRA post the overseas acquisition of Houghton International Inc. in the US through the company’s UK subsidiary. The watch has now been removed and ‘Stable BBB’ or ‘A3+’ Ratings as applicable, reaffirmed.
Further, the rating agency has assigned ‘BBB/Stable’ rating to Term Loans / LOC facility (new) amounting to $300 million of the company.
Gulf Oil Corporation is engaged in manufacturing industrial explosives, mining products, lubricants, speciality oils and chemicals, active pharma ingredients (bulk drugs) and pharma formulations.
