CARE has revised the credit ratings of
Nava Bharat Ventures Limited subsidiary Nava Bharat Energy India.
The rating agency has revised the credit rating of the Long-term Bank Facilities worth Rs50cr of the subsidiary company to A- credit enhancement (CE) with a stable outlook from BBB- (stable outlook).
The rating of the Short-term Bank Facilities worth Rs20cr has been revised to A- (CE) with stable outlook /A2+ (CE) from BBB-/stable/A3.
“The ratings are based on credit enhancement in the form of an unconditional irrevocable corporate guarantee extended by the ultimate holding company, Nava Bharat Ventures Limited,” company shared CARE’s Rating action in a regulatory filing on Tuesday.
At around 12.05 pm, Nava Bharat Ventures Ltd was trading at Rs62.75 per piece up by Rs0.5 or 0.8% from its previous closing of Rs62.25 per piece on the BSE.