ICRA downgrades Birla Global NCD

ICRA downgrades Birla Global NCD
ENS ECONOMIC BUREAU

MUMBAI, FEB 8: Rating agency ICRA Limited has downgraded the rating assigned to the Rs 100 crore non-convertible debenture issue (NCD) of Birla Global Finance Limited (BGFL) from `LAA' (so) to `LA', indicating adequate safety.

"The risk factors are more variable and greater in periods of economic stress. The protective factors are average and any adverse change in circumstances, as may be visualised, may after the fundamental strength and affect the timely payment of principal and interest," said a ICRA release.

The original rating of `LAA' (so) was based on `keep fit' letters issued by Grasim and Hindalco as promoters. Subsequently, Grasim and Hindalco sold their entire holding in BGFL to Birla Group Holdings.