ICRA retains A1+ to ABNL's STD programme

New Delhi, May 10 (UNI) Credit rating agency ICRA has reaffirmed the A1+ rating for an enhanced amount of Rs 3 billion to the short-term debt (including commercial paper) programme of Aditya Birla Nuvo Ltd (ABNL).

The rating indicates highest credit quality in the short term.

ABNL has redeemed the Rs 500 million Non-Convertible Debentures (NCD) rated earlier by ICRA. Consequently, ICRA has withdrawn the LAAA rating earlier assigned to the redeemed NCDs, since the debentures are no longer in existence.

The rating takes into consideration the stability that the businesses of ABNL provide to its cash flows, the position that the company has in its core businesses, its improving performance and its conservative financial structure.

ICRA also factors in the substantial investments that ABNL has in the insurance and IT and ITES sectors.

ABNL's financial flexibility arising from its position in the A V Birla Group and the strong business and financial profile of the group also support the rating.

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