Reliance Infra’s Credit Profile improves, CRISIL withdraws ‘D’ ratings for 710 cr NCDs

MUMBAI | RAJKOT – Anil Dhirubhai Ambani Group led Reliance Infrastructure Ltd’s credit profile is reported to have improving, as the rating agency CRISIL has withdrawn ‘D’ ratings assigned to the company’s 7.1 billion rupee Non-Convertible Debentures, the company press release submitted to the exchanges in India said.

Crisil has withdrawn its ‘D’ ratings for NCDs of Reliance Infrastructure’s totalling Rs. 710 crore, the release read.

The company has repaid the NCDs from the funds received from the sale of Integrated Mumbai Distribution Business to Adani Transmission.

The company had informed the NCD holders that they would be paid out of the proceeds of the transaction.


EARLIER RATING IMPROVEMENTS

Earlier, BWR (Brickwork Ratings) withdrew its ‘D’ rating for the NCDs amounting to Rs. 418.70 crore and BWR C for the NCD amounting to Rs. 50 crore of Reliance Infrastructure.

The company last week completed a transformational transaction of sale of its Mumbai Power Business and entire proceeds were used to pay off above mentioned debt and NCDs.

Reliance Infrastructure Chairman Anil D Ambani recently said he expects top-end ratings for the company with the closure of the deal for the Integrated Mumbai Distribution Business and drastic fall in debt liabilities.


PRICE MOMENTUM

As soon as the announcement of the credit profile of the company seen improving hit the Indian Bourses, instant spike alert sounded in the RINFRA shares and the shares continued trading in GREEN Zone ending on positive counters, today.

 


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