CRISIL Reaffirms Credit Ratings on Pradeep Metals Ltd's Bank Facilities; Long Term Rated BBB/Stable
Pradeep Metals Ltd has received a reaffirmation of its credit ratings from CRISIL Ratings for its bank facilities. The ratings cover a total of Rs. 282.00 Crores in bank loan facilities, marking an enhancement from the previously rated amount of Rs. 102 Crore.CRISIL confirmed the rating actions on the company's debt instruments and facilities. For long-term exposure, Pradeep Metals Ltd was given a CRISIL BBB/Stable rating, while its short-term rating stood at CRISIL A3+.
The reaffirmation covers various loan types provided by banks. As per the details provided in the ratings review, the total outstanding bank loan facility is Rs. 282 Crore. These facilities are predominantly backed by Union Bank of India, which provides support across different debt instruments.
A breakdown of the credited facilities and their corresponding ratings is detailed below:
| Total Bank Loan Facilities Rated | Amount (Rs.) | Long Term Rating | Short Term Rating |
|---|---|---|---|
| Total Bank Loan Facilities | 282.00 Crores | CRISIL BBB/Stable | CRISIL A3+ |
The company's relationship with Union Bank of India is reflected in the specific facilities held with the bank, which total Rs. 282 Crore as per Annexure 1 data provided by Crisil Ratings.
Key facility details issued under review include:
| S.No. | Bank Facility | Bank | Amount (Rs. in Crore) | Outstanding Rating |
|---|---|---|---|---|
| 2 | Ftmd-Based Facilities | Union Bank of India | 64 | CRISIL BBB/Stable |
| 3 | Long Term Loan | Union Bank of India | 1.5 | CRISIL BBB/Stable |
| 5 | Rupee Ten Loan | Union Bank of India | 180 | CRISIL BBB/Stable |
| 6 | Rupee Ten Loan | Union Bank of India | 33.35 | CRISIL BBB/Stable |
The reaffirmation letter from CRISIL Ratings keeps all assigned ratings under continuous surveillance and review. This rating is valid until March 31, 2027.
PRADPME Stock Price Movement
As of 9:26 AM, shares of Pradeep Metals Limited are tumbling in live trading, shedding 5.81% or ₹34.30 and currently pricing at ₹556. The stock has experienced notable movement today, with the traded volume standing at 9,339 shares and the share price finding a low near ₹555.5.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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