ICRA keeps bank facilities of Parrys Sugar Industries under watch

Credit rating agency, ICRA has kept the assigned long term rating of ‘BBB+’ and short term ratings of ‘A2’ of Parrys Sugar Industries on ‘watch with negative implications’. Earlier, ICRA had assigned the long term rating of ‘BBB+’ and short term ratings of ‘A2’ to the Rs 723.72 crore bank lines of the company.

Parrys Sugar Industries (PSIL) is a distinguished and rapidly expanding sugar producer in India. PSIL, a subsidiary of EID Parry (India), is one of the fastest growing organizations in India. It has three sugar plants with a combined crushing capacity of 11,500 tonnes of cane per day (TCD).