India Ratings and Research upgrades Runaya’s rating to ‘IND BBB’ from ‘IND BBB-’
Runaya has announced that India Ratings and Research (Ind-Ra) upgraded the company’s long-term issuer rating to ‘IND BBB’ from ‘IND BBB-’. The upgradation is due to substantial improvement in operational performance of the company.
"India Ratings and Research... has upgraded Runaya long-term issuer rating to ''IND BBB'' from ''IND BBB-'' with ''Positive'' outlook," the company said in a statement.
The ratings agency has upgraded due to the timely commissioning of aluminium dross processing project (hot and cold) at Jharsuguda (Odisha), aluminium recovery plant and value added slag conditioner plant during FY21.
The agency also expects improvements in the company’s credit metrics in FY22, due to a ramp up in the dross processing and a resultant rise in the operating cashflows.
"The current rating upgrade is a reflection of the quality of the business that Runaya is building," Runaya co-founder and CEO Annanya Agarwal said.
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