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CRISIL Assigns AA- and A1+ Ratings to Rane Holdings Bank Debt
Automotive component group secures investment-grade ratings across Rs 110 crore long-term and short-term credit facilities.
By Autocar Professional Bureau
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CRISIL Ratings has assigned credit ratings to Rs 110 crore of bank loan facilities of Rane Holdings Limited, the holding company of automotive component manufacturer Rane Group, according to a stock exchange disclosure filed on Thursday.
The rating agency assigned a 'CRISIL AA-/Stable' rating to the company's long-term bank facilities totaling Rs 105 crore. Short-term facilities of Rs 5 crore were assigned the top-tier 'CRISIL A1+' rating.
According to the rating breakdown enclosed with the regulatory filing, the rated facilities comprise Rs 81.84 crore in proposed term loans and Rs 18.16 crore in term loans from Bajaj Finance Limited. The long-term facilities also include a Rs 5 crore working capital demand loan from HDFC Bank Limited. The remaining Rs 5 crore consists of a proposed short-term working capital facility.
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