Credit rating agency, India Ratings & Research has affirmed Rain Commodities’ long-term issuer rating at ‘A-’ with stable outlook. The rating agency has also affirmed the company’s Rs 85 crore non-fund-based limits at ‘A2+’.
The rating agency has taken a consolidated view of Rain Commodities’ businesses including calcining, coal tar distilling and cement and for the rating purpose. The affirmation reflects the consolidated entity’s strengthened business profile with the acquisition of Ruetgers, benefiting from its business and geographic diversification and large scale of operations.
Rain Commodities is engaged in the business of manufacturing cement, Calcined Petroleum Coke (CPC) and power. The company is the largest producer of CPC with a production capacity of 2.49 million tonnes per annum (MTPA). Under the cement, the company has created brand namely Priya Cement.