Hindalco revised upwardly by Crisil

Mumbai, June 18: Aluminium major Hindalco Industries today announced that credit rating agency Crisil has revised its long-term rating on their non-convertible debentures to 'AA/Stable' from the earlier 'AAA/Rating Watch with Negative Implications'.

It may be noted here that the earlier slightly negative rating was placed on Hindalco in February following its offer to acquire Novelis, which itself was rated as 'BB-/Negative/B-2' by another credit rating agency Standard&Poor's.

Eventually, the acquisition was completed last month on May 15 and the rating on the company's short-term debt stands reaffirmed, Hindalco said in a communique to the Bombay Stock Exchange (BSE).

UNI