Credit rating agency, CARE has revised rating of Bajaj Hindusthan’s long-term bank facilities worth Rs 4,887.51 crore to A- from A. The rating agency has also reaffirmed ‘A1’ ratings to company’s short-term bank facilities worth Rs 800 crore.
The revision in the long-term rating takes into account the weak financial performance of company during FY12 and Q1FY13. The revision also factors in BHL’s high investment commitments and support provided to the group companies and its large debt repayment obligations in the short to medium term.
Bajaj Hindusthan, a part of the 'Bajaj Group’, is one the largest sugar manufacturing companies in Asia and also the largest industrial alcohol manufacturers in India. It is engaged in sugar manufacturing, distillery operations and bagasse-based power generation. It has 16 sugar mills with a cane crushing capacity of 1.36 lakh tonne per day.
