ICRA migrates KEI Industries’ long-term rating to ‘ICRA AA-/Stable’

KEI Industries Limited has informed that ICRA Limited has discontinued the medium-term rating scale which was used to assign ratings to the fixed deposit programme of the company.

Consequently, ICRA has migrated the outstanding rating i.e., MAA- (Stable) on the medium-term rating scale assigned to the fixed deposits programme of the Company to ‘ICRA AA-(Stable)’ on the long-term rating scale.

The Outlook on the long-term rating is Stable.

The medium-term rating scale of ICRA was a 14-point scale, while the long-term rating scale is a 20-point scale.

However, this change does not reflect any changes in the credit risk associated with the instruments.

At around 1.55 PM, KEI Industries was trading at Rs1,297 per piece, down by Rs5.25 or 0.4% from its previous closing of Rs1,302.25 on the BSE. The scrip touched intraday high and low of Rs1,344 and Rs1,289 respectively.

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( With inputs from indiainfoline)