Titan Company Limited informed that ICRA Limited has assigned various credit ratings to the company’s debt instrument.
The rating agency has upgraded the rating of the company’s fixed deposit scheme worth Rs 3,500 crore from ‘MAAA’ to ‘ICRA AAA’. It gave a stable outlook for the fixed deposit program.
The ICRA mentioned that “the change is consequential to the migration of the current rating on the medium-term rating scale to the long-term rating scale, as required by the SEBI circular mentioned in the rationale for the rating forming part of the attached credit rating letter”.
The CIFAR medium-term rating scale was a 14-point scale, while the long-term rating scale is a 20-point scale.
ICRA has reaffirmed the company’s fund-based limit rating at ‘ICRA AAA/Stable’. For non-fund-based limits, the rating has been reaffirmed at “ICRA A1+”. The two facilities are together worth Rs1,700 crore.
The company’s commercial paper program worth Rs 1,500 crore has been rated ‘ICRA A1+’.
Titan Company is currently trading at Rs2 208.65 down Rs12.7 or 0.57% from its previous close of Rs2 221.35 on BSE. The certificate opened at Rs2,240 and touched a high and a low of Rs2,245 and Rs2,208 respectively.