Credit rating agency, India Ratings & Research has affirmed Usha Martin’s long-term issuer rating at ‘A+’ with Negative outlook.
The affirmation reflects the continuous improvement in the company’s profitability over the last six quarters. The Negative Outlook reflects the lower-than-expected improvement in the credit metrics of the company due to its unexpected capex of Rs 120 crore during FY14 and delays in the commencement of operations in its pellet plant.
Usha Martin is a major manufacturer of wire rods, bright bars, steel wires, speciality wires, wire ropes, strand, conveyor cord, wire drawing and cable machinery.
