CRISIL Upgrades Sammaan Capital Limited to AA+ Following Strategic Investment
Credit rating agency CRISIL, a company of S&P Global, has upgraded the credit rating for the long-term debt programme of Sammaan Capital Limited to CRISIL AA+/Stable.The upgrade comes after the consummation of a preferential issue and the acquisition of a controlling stake by International Holding Company (IHC) through its owned and controlled company, Avenir Investment RSC Ltd, which establishes IHC as the promoter of the Company.
In its rating upgrade of Sammaan Capital Limited, which is now an IHC Group company, CRISIL cited several key factors. These included the strategic importance to, strong support from, and brand linkage with the IHC Group, along with sustained strong capitalisation and robust buffers pivoting towards growth.
The upgrade was noted as the first such rating improvement from a domestic rating agency since 2017, reflecting the positive impact of the strategic investment by IHC and the consequent strengthening of the Company's capital position and overall financial profile. This rating action suggests the start of an upward rating trajectory for the Company.
While the long-term debt programme received the upgrade, the rating on commercial paper and short term non-convertible debenture was reaffirmed at 'CRISIL A1+'.
Stock Price Movement
At 9:02 AM, Sammaan Capital Ltd shares are ticking up to ₹155.00, recording a gain of 1.11%. The stock has moved between an intraday low of ₹149.35 and a high of ₹154.50.Source:
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