India Ratings upgrade long-term issuer rating of Gallantt Ispat

Credit rating agency, India Ratings & Research (Ind-Ra) has upgraded Gallantt Ispat (GIL) long-term issuer rating to ‘BB+’ from ‘BB-’. The outlook is stable. The upgrade reflects a significant improvement in the company’s liquidity with full term debt repayment of Rs 70.43 crore in FY15. The payments were made 15 months before the due date.

Gallantt Ispat is engaged in the manufacturing and marketing of Sponge Iron, Mild steel billets, Re-Rolled products (TMT bars and Mild Steel Structural) and wheat flour products.