New Delhi: India Ratings & Research has downgraded the long-term credit rating of Dhampur Sugar Mills Ltd to IND A+ from IND AA-, citing a weaker assessment of the company’s long-term credit profile, while maintaining a Stable Outlook.
The downgrade applies to the company’s issuer rating as well as its long-term bank loan facilities, according to a disclosure made by Dhampur Sugar to the stock exchanges under the Securities and Exchange Board of India’s (SEBI) Listing Obligations and Disclosure Requirements (LODR).
The rating agency, however, affirmed the company’s short-term credit rating at IND A1+, indicating continued confidence in Dhampur Sugar’s near-term liquidity position and its ability to meet short-term financial obligations.
The lower long-term rating could increase the company’s borrowing costs and result in stricter lending terms from financial institutions.
India Ratings also withdrew its rating on the company’s fixed deposits after Dhampur Sugar repaid all outstanding deposits and discontinued accepting fresh deposits, removing the instrument from its rated portfolio.
The rating action reflects the agency’s revised assessment of Dhampur Sugar’s long-term credit strength amid a challenging business environment, while the Stable Outlook indicates that the rating is not expected to change in the near term.
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