Long-term bank facilities is upgraded to ‘CRISIL AA/Stable’ from ‘CRISIL AA-/Positive’

Mumbai/Ahmedabad : Astral Limited (Astral; erstwhile Astral Poly Technik Ltd, Astral; part of the Astral group) long-term bank facilities has been upgraded to ‘CRISIL AA/Stable’ from ‘CRISIL AA-/Positive’ while reaffirmed its short term rating and commercial paper at ‘CRISIL A1+’ by country’s leading rating agency, CRISIL.

The rating upgrade replicates CRISIL expectations of sustenance of Astral’s improved business profile supported by improved capacity utilization levels, wider geographic presence and product portfolio.

The ratings reflect group’s leadership position in the CPVC pipes and fittings segment, supported by established brands and an entrenched market presence and the experience of the promoter.

Commenting on this development, Kairav Engineer, Vice President – Business Development, Astral Limited, said, “We are happy to be upgraded to AA/Stable as this reaffirms the faith and confidence in Astral Ltd. as an organization. This credit rating upgrade has taken into consideration the positive implications of our innovative product portfolio, pan-India reach and leadership position in the market. We aim to sustain our performance and keep our positioning intact.”

For arriving at the ratings, CRISIL has combined the business and financial risk profiles of Astral and its subsidiaries.