Mumbai, Apr 2 (ANI/Business Wire India): Sterlite Industries (India) Limited ("Sterlite Industries") is pleased to announce that the premier Indian rating, research risk and policy advisory company, CRISIL, has upgraded its rating on Sterlite Industries' long-term non-convertible debenture programme to 'AA+/Stable' from 'AA'.
Sterlite Industries (India) Limited is the flagship Indian operating subsidiary of the London listed FTSE 100 diversified miner Vedanta Resources plc.
CRISIL has also newly assigned ratings of 'AA+/Stable" and 'P1+' to Sterlite Industries' cash credit and letter of credit facilities with banks, respectively.
The rating on Sterlite Industries' short-term debt programme has been reaffirmed at the highest 'P1+'.
CRISIL's rating upgrade is driven by more-than-expected improvement in Sterlite Industries' financial risk profile, which is marked, by the strong and sustainable improvement in the company's financial flexibility and liquidity position.
The prolonged upswing in the zinc and aluminium businesses, coinciding with the expanding capacities of Sterlite Industries' key subsidiaries - Hindustan Zinc Ltd and Bharat Aluminium Company Ltd - has led to a sharp improvement in these entities' cash accruals and financial risk profiles.
CRISIL's ratings reflect Sterlite Industries' strong market position in the non-ferrous metals segment, and sustained healthy financial risk profile. The current ratings are also supported by the company's improving operating efficiencies.