Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Metroglobal’s Long-term / Short-term Bank Facilities worth Rs 50 crore to ‘BBB /A3+’ from ‘BBB- /A3’. The revision in the rating takes into account improvement in financial risk profile of Metroglobal (MGL) over a period of time marked by improvement in capital structure and liquidity position.
Metroglobal is engaged in the business of manufacturing and trading of dyes and dye intermediates. The company has made substantial investments in several ongoing real estate projects in and around the city of Ahmedabad out of the sale proceeds of its Vadodara unit.
