Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Jain Irrigation Systems’ long term bank facilities worth Rs 1,581.41 crore to BB+ from B+. The rating agency has also revised rating of company’s short term bank facilities worth Rs 583.01 crore to A4+ from A4.
The revision in the ratings of JISL takes into account the funds raised by the company during FY13 by way of equity and debt (in the form of Foreign Currency Convertible Bonds and External Commercial Borrowings), thus easing out the liquidity pressure faced by the company.
Jain Irrigation is a farmer-centric company and micro irrigation has been its mainstay since the mid-1980s. The company has pioneered a green revolution through micro-irrigation technology, which comprises mainly of drip and sprinkle systems.