Sheela Foam’s bank loan rating affirmed at IND AA/Stable on ₹880 crore; NCD rating withdrawn after redemption
- Credit rating
- Consumer
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 reaffirmed the same rating on existing bank loan facilities of ₹700 crore, a total of ₹880 crore.
India Ratings also withdrew the IND AA/Stable rating on the company’s non-convertible debentures, which have been fully redeemed. The detailed rating rationale was filed with the intimation under Regulation 30 of the SEBI listing rules.
Inference
The rating level is unchanged, and the withdrawal on the debentures follows from their full redemption and does not reflect a change in credit view. The rated bank facilities have risen to ₹880 crore with the new ₹180 crore.
Reference: Original filing (PDF)
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