Credit rating agency, CARE has reaffirmed ‘BB+’ rating to Essar Oil’s Long-term Bank Facilities worth Rs 7,703.84 crore which was enhanced from Rs 5877.84 crore , ‘A3+’ rating to Short-term Bank Facilities worth Rs 16,000.00 crore which was enhanced from Rs.13,515.00 crore. The rating agency has also reaffirmed A2 (SO) rating to company’s Short-term Bank Facilities (Invoice Discounting Facilities) worth Rs 1,700.00 crore
The ratings continue to derive strength from the experience promoters and consistently strong operational performance with higher capacity utilization & better complexity after the completion of oil refinery expansion & optimization during FY13.
Essar Oil is a fully integrated oil & gas company of international scale with strong presence across the hydrocarbon value chain from exploration & production to refining and oil retail.
