India Ratings affirms Sheela Foam’s AA/Stable, rates ₹180 crore of new facilities and withdraws an NCD rating
- Credit rating
- Consumer Goods
Sheela Foam Limited has told the exchanges that India Ratings and Research has assigned IND AA/Stable/IND A1+ to additional bank loan facilities of ₹180 crore and affirmed the same rating on existing bank loan facilities of ₹700 crore. The rating letter is dated 12 Oct 2026.
The agency has also withdrawn the IND AA/Stable rating on the company's non-convertible debentures of ₹181.25 crore (ISIN INE916U08012), because they have been fully redeemed.
Sheela Foam says its earlier credit rating communication to the exchanges, dated 9 Oct 2026, was a draft, and asks that it be disregarded in favour of the final rating letter of 12 Oct 2026.
Inference
The affirmation means India Ratings reviewed the company and left its rating unchanged, and the new facilities have been rated at the same level. The withdrawal of the NCD rating is a routine step after redemption and does not by itself signal a change in the company's credit standing.
The correction of the draft communication is worth noting as a matter of record: the final letter, not the draft, is the one to rely on. The filing does not give the agency's reasons for the rating, which are in the full letter.
Reference: Original filing (PDF)
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