Sagar Cements' Bank Loan Facilities Rated by India Ratings; Long-Term Rating Downgraded
India Ratings & Research has made rating adjustments regarding Sagar Cements Limited's (SCL) bank loan facilities. The agency reported that SCL’s long-term banking loan facility rating was downgraded, while short-term ratings were assigned.The rating action by India Ratings and Research involves both the Bank loan facilities and various other credit instruments of the company. The specific changes noted include a downgrade in the long-term banking loan facility rating.
Credit Rating Details for Financial Instruments
Sagar Cements Limited holds several working capital limits and term loans across various financial institutions, which have been rated by India Ratings. The ratings cover different types of facilities ranging from Fund Based Working Capital Limits to Nonconvertible Debentures (NCDs).The comprehensive details of the facilities and their corresponding ratings are summarized below:
| Instrument Description | Bank Name | Rating Assigned | Outstanding/Rated Amount (INR million) |
|---|---|---|---|
| Fund Based Working Capital Limit | StateBank of India | INDBBB/Stable/INDA3+ | 1,200.00 |
| Fund Based WorkingCapital Limit | Axis Bank Limited | INDBBB/Stable/INDA3+ | 70.00 |
| Fund Based WorkingCapital Limit | HDFCBankLimited | INDBBB/Stable/INDA3+ | 250.00 |
| Non-Fund Based WorkingCapital Limit | StateBank of India | INDA3+ | 1,250.00 |
| Non-Fund Based WorkingCapital Limit | Axis Bank Limited | INDA3+ | 800.00 |
| Fund Based WorkingCapital Limit | Federal Bank | INDBBB/Stable/INDA3+ | 450.00 |
| Non-Fund Based WorkingCapital Limit | Federal Bank | INDA3+ | 700.00 |
| Fund Based WorkingCapital Limit | Axis Bank Limited | INDBBB/Stable/INDA3+ | 500.00 |
| Non-Fund Based WorkingCapital Limit | Axis Bank Limited | INDA3+ | 330.00 |
| TermLoan | Axis Bank Limited | INDBBB/Stable | 1,400.00 |
| Non-Fund Based WorkingCapital Limit | StateBank of India | INDA3+ | 50.00 |
| Non-Fund Based WorkingCapital Limit | Axis Bank Limited | INDA3+ | 50.00 |
| Fund-based workingcapital limits | RBLBank | INDBBB/Stable/INDA3+ | 250.00 |
| Proposed Non-fund-based workingcapital limits | NA | INDA3+ | 200.00 |
| Termloan | RBLBank | INDBBB/Stable | 1,500.00 |
| Termloan | CSBBankLimited | INDBBB/Stable | 640.00 |
Bank Loan Facility Rating Changes
The rating action specifically pertaining to the bank loan facilities indicates a downgrade in the long-term commitment. The Bank loan facilities were rated at IND BBB+/Negative/IND A2 previously, and have now been updated to IND BBB/Stable/INDA3+.In addition, other credit instruments held by the company saw updates:
| Instrument | ISIN | Rating Status | Outstanding/Rated Amount (INR million) |
|---|---|---|---|
| Non-convertible debentures | INE433R07016 | Withdrawn (WD) | 115.40 |
The rating agency noted that the non-convertible debentures were paid in full, which is consistent with their policy on the withdrawal of ratings for such instruments.
SAGCEM Stock Price Movement
Shares of Sagar Cements Limited shed 0.37% in trading, closing today at ₹179.5. The stock recorded a total traded volume of 56,863 shares during the session.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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