Torrent Pharmaceuticals Limited informed the exchanges Wednesday that ICRA Limited had assigned the credit rating of ICRA A1+ vide its letter dated August 25, 2020, on Rs200cr Commercial Papers facilities of the company. Due to an inadvertent error, ICRA had mentioned the validity period of the above rating as March 31, 2021 instead of November 25, 2021. There is no change in the rating assigned earlier.
“ICRA, after due consideration of the latest developments in your company, has removed the ratings from ratings watch with negative implications and reaffirmed the aforementioned instrument at ICRA A1+. Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations.
Our rating is valid from the date of this letter till November 25, 2021. The rating will generally be due for review at the end of the Validity Period,” company shared ICRA’s statement with the exchanges.
At around 9.30 am, Torrent Pharmaceuticals Ltd was trading at Rs2,672.55 per piece up by Rs18.5 or 0.7% from its previous closing of Rs2,654.05 per piece on the BSE.