ICRA attributes Al+ to 100cr STD CP programme of MCL

New Delhi, Aug 9 (UNI) Credit rating agency today assigned Al+ rating to the Rs 200 crore short-term debt/commercial paper programme and LA+ rating to the Rs 100 crore long term programme of Madras Cements Ltd (MCL).

The ratings take into consideration MCL's established position in the relatively high realisation markets of Kerala and Tamil Nadu.

The short term rating also takes into account the strong operating cash flow of the company and its financial flexibility.

The ratings factor MCL's regional concentration, its high debt levels, aggressive growth plans and the expected increase in debt levels and gearing.

MCL, a flagship company of the Ramco Group, is largely a regional cement player.

UNI SBA CS BST1714