ICRA upgrades Orient Ceramics' Rs 15 cr CP prog rating to A2+

New Delhi, June 13 (UNI) Credit rating agency ICRA has upgraded the rating assigned to the Rs 15 crore Commercial Paper Programme of Orient Ceramics and Industries Ltd (OCIL) from A2 to A2+.

The rating indicates high credit-quality ratings assigned by ICRA to short term debt instruments. The rating upgrade factors in the improved financial profile reflected in gearing level and coverage indicators of the company.

The rating takes into account OCIL's established position in the domestic tile market in the Northern region, the favourable demand prospects for flooring and wall tile in the domestic markets, and the company's steady growth in turnover and operating profits.

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