Rating agency raises long-term rating from [ICRA]AA+ (Stable) to [ICRA]AAA (Stable), while reaffirming short-term rating at [ICRA]A1+
New Delhi: Hindustan Copper Limited (HCL) has informed the stock exchanges that ICRA Limited has upgraded the company’s long-term credit rating to [ICRA]AAA (Stable) from [ICRA]AA+ (Stable).
ICRA has also reaffirmed Hindustan Copper’s short-term credit rating at [ICRA]A1+. The rating action covers the company’s bank facilities and commercial paper programme with a total amount of ₹2,200 crore.
ICRA’s Rating Action
| Instrument | Amount (₹ crore) | Rating Action |
|---|---|---|
| Long-term Fund-based – Term Loan | 150 | [ICRA]AAA (Stable), upgraded from [ICRA]AA+ (Stable) |
| Long-term Fund-based – Cash Credit | 350 | [ICRA]AAA (Stable), upgraded from [ICRA]AA+ (Stable) |
| Short-term Non-fund-based – Others | 300 | [ICRA]A1+, reaffirmed |
| Long-term Non-fund-based – Others | 500 | [ICRA]AAA (Stable), upgraded from [ICRA]AA+ (Stable) |
| Long-term/Short-term Unallocated Limits | 800 | [ICRA]AAA (Stable) / [ICRA]A1+; long-term rating upgraded |
| Commercial Paper | 100 | [ICRA]A1+, reaffirmed |
| Total | 2,200 | — |
Long-term rating upgraded
The key change in the latest rating action is the upgrade of Hindustan Copper’s long-term rating from [ICRA]AA+ (Stable) to [ICRA]AAA (Stable).
The company’s short-term rating remains unchanged at [ICRA]A1+. The revised rating covers ₹2,100 crore of bank facilities and a ₹100 crore Commercial Paper programme.
Hindustan Copper said the disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
