Burger King India shares advanced 4 per cent to Rs 132.6 apiece on the BSE in the intra-day trade on Tuesday after rating agency ICRA upgraded the firm's long-term ratings. Besides, the agency also revised the outlook from 'negative' to 'stable'. ICRA, on Monday, revised Burger King India's Long-term/Short-term unallocated amount's rating to ICRA A-/ICRA A2+, ICRA BBB+/ICRA A2.
"The ratings upgrade takes into account significant improvement credit metrics of Burger King India Limited’s due to prepayment of entire debt on its balance sheet following successful completion of IPO in Dec 2020," the agency said in its rating rationale.