ICRA places RMC Readymix India’s ratings on "positive" watch

ICRA places RMC Readymix India’s ratings on "positive" watch
Published: 13 September 2009

ICRA has placed on "positive" watch the LBBB+ and A2+ ratings on Indian concrete maker and trader RMC Readymix (India) Pvt Ltd’s bank limits.

The rating action follows the proposed amalgamation of RMC Readymix (India) and H&R Johnson (India) Ltd with Prism Cement Ltd (BOM:500338).

ICRA will continue to monitor the development in this respect and the rating action would be concluded once the approval of all requisite statutory and regulatory authorities are obtained.

RMC Readymix (India) currently has LBBB+ rating on its INR 1.61 billion (USD 33m/EUR 23.2m) long-term fund based limits, suggesting moderate credit quality, as well as an A2+ rating on its short-term fund/non-fund based limits aggregating to INR 680 million, which suggests above-average credit quality.