ICRA reaffirms A1+ rating to MSSL's Rs 500 mln STD prog
New Delhi, June 6 (UNI) Credit rating agency ICRA today reaffirmed A1+ rating, indicating the highest-credit-quality in short term, to the Rs 500 million short term debt of Motherson Sumi Systems Ltd (MSSL).
The rating takes into account MSSL's strong position in the domestic wiring harness industry, diversified customer base with established relations with major passenger car manufacturers and strong profitability.
The rating also factors in MSSL's large capital investment plans over the next 2-3 years and its in-organic growth plans.
Motherson Sumi Systems is the flagship of the Sumi Motherson Group. In India, it has plants at Noida and Greater Noida, Gurgaon, Delhi, Pune, Bangalore, Chennai and Pondicherry.
Besides this, MSSL has one design centre at Noida and another in Ireland.
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