ICRA attributes risk prone rating to MFL

New Delhi, July 31 (UNI) Credit rating agency ICRA today reaffirmed the risk prone MC rating to the Fixed Deposits programme of Madras Fertilizers Ltd (MFL).

The rating reflects the company's unfavourable cost structure in both urea and complex fertilisers and its vulnerability to both regulatory polices as well as agro-climactic variations. This has resulted in very weak financial performance, poor capital structure and delays in debt servicing, a statement said.

The rating is being placed on a notice of withdrawal and will be withdrawn after three years.

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