UltraTech rating reaffirmed, India

UltraTech rating reaffirmed, India
Published: 07 September 2009

Credit rating agency, CRISIL has withdrawn its ratings on UltraTech`s INR1.50-billion non-convertible debentures and Rs 1.06-billion short-term buyers credit, as the obligations have been redeemed.

The ratings on the company`s other debt programmes and bank facilities have been reaffirmed at AAA/Stable/P1+.

The ratings continue to reflect Grasim Industries (Grasim`s rated AAA/Stable/P1+ by CRISIL) large stake-holding in UltraTech, and the fact that the two companies are in the same line of business; based on these two factors, CRISIL believes that Grasim will support UltraTech in the event of distress.