ICRA reaffirms rating of HEG’s short term debt programme

Credit rating agency, ICRA has re-affirmed the short term rating of ‘A1’ assigned earlier to the Rs 150 crore Commercial Paper (CP) / Short term debt (STD) Programme of HEG.

The company has received the said rating reaffirmation on the back of improvement in the company’s funds generated from operations in H1FY14 which resulted in reduced reliance on external debt.

The company currently operates two divisions, Graphite Division which accounted for about 86% of the gross revenues in FY13 and Power Division which accounted for the balance.