Credit rating agency, CRISIL has assigned its ‘AA/Stable’ rating to the Rs 200 crore non-convertible debenture (NCD) issue of Tube Investments of India. The rating agency has also reaffirmed its rating on the company’s other debt instruments and bank loan facilities at ‘AA/Stable/ A1+’.
The company has received the said ratings on the back of its healthy business risk profile, marked by its diversified revenue streams and leading market position in most of its businesses. The ratings are also supported by the company’s adequate financial profile and healthy financial flexibility enjoyed by it, which is one of the leading companies of the Murugappa group.
Tube Investments of India, is the flagship company of the Murugappa Group with multiple businesses ranging from diversified auto-ancillary products, bicycle retailing to financial services and insurance.
