Rating agency ICRA Limited has reaffirmed its credit ratings on various debt instruments and bank facilities of commercial vehicle manufacturer Ashok Leyland Limited, totaling Rs 7,379.38 crore.
The rating includes the reaffirmation of the short-term rating of ICRA A1+ for the company's commercial paper program worth Rs 2,000 crore. ICRA also reaffirmed the long-term rating of ICRA AA+ with a Stable outlook across non-convertible debenture tranches amounting to Rs 500 crore.
In addition, bank credit facilities and term debt were reaffirmed across multiple categories. Long-term and short-term fund-based limits of Rs 2,000 crore, alongside non-fund-based limits of Rs 1,500 crore, received dual ratings of ICRA AA+ (Stable) and ICRA A1+. Long-term fund-based term loans amounting to Rs 629.38 crore were reaffirmed at ICRA AA+ with a Stable outlook, while unallocated credit limits of Rs 750 crore maintained dual ICRA AA+ (Stable) and ICRA A1+ ratings.