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Acuité Ratings upgrades ratings of Mukand Ltd
Posted On: 2021-04-13 20:46:08 (Time Zone: Arizona, USA)
Acuité Ratings & Research Limited( ACUITE ) vide its letter dated 13th April, 2021, has intimated about revision / upgrade in the Ratings of various credit facilities / exposures of Mukand Ltd as below:
Total Fixed Deposits Rated - Rs. 120.48 Crore
Fixed Deposit Rating - ACUITE FA / Outlook: Stable (Upgraded from FBB/Negative)
Total Bank Facilities Rated - Rs. 1,045.48 Crore
Long Term Rating - ACUITE BBB-/ Outlook: Stable (Upgraded from ACUITE BB/Negative)
Short Term Rating - ACUITE A3 (Upgraded from ACUITE A4+)
The rating upgrade and revision in the outlook from Negative to Stable is driven by the company s significant progress in land parcel monetization and disinvestment in a joint venture company while utilizing the proceeds to repay the outstanding debt from lenders and group companies, thereby improving on the financial risk profile. The company has receiv