United Spirits gets revised ICRA ratings for loan facilities
DSIJ Intelligence / 17 Jan 2017
United Spirits, the breweries and distilleries major, has announced revision of rating of its long term loan facilities by rating agency ICRA. The company’s term loans amounted Rs 2,900 crore (revised from Rs 3,000 crore) has received the revised rating from ‘ICRA A+’ to ‘ICRA AA’. The rating of company’s fund based facilities amounting to Rs 2400 crore was reaffirmed to ICRA A1+, while the rating of company’s non-fund based facilities amounting to Rs 400 crore was reaffirmed to ICRA A1+. Lastly, the company’s commercial paper rating of Rs 1,000 crore has been reaffirmed to ICRA A1+.
The revised ratings from ICRA suggest strong financial flexibility, strengthening corporate governance and compliance practices and framework, post acquisition of management control by Diageo Plc. Diageo is rated A3 i.e. stable by Moody’s.
United Spirits has completed its transition from its earlier promoters, including termination of its contracts with former group companies and also completion of additional enquiry during July 2016. With this, the company has removed uncertainties related to contingent liabilities arising from its former group companies.
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