Piramal Pharma Limited announced that CARE Ratings Limited (CARE) has upgraded its long-term bank facilities rating and issuer rating to CARE AA; Stable from CARE AA-; Positive. The short-term bank facilities rating has been reaffirmed at CARE A1+.
| Type of Rating | Rating | Rating Action |
|---|---|---|
| Long-term bank facilities | CARE AA; Stable | Upgraded from CARE AA-; Positive |
| Long-term / short-term bank facilities | CARE AA; Stable / CARE A1+ | LT rating upgraded from CARE AA-; Outlook revised from Positive and ST rating reaffirmed |
| Short-term bank facilities | CARE A1+ | Reaffirmed |
| Issuer rating | CARE AA; Stable | Upgraded from CARE AA-; Positive |
| Non-convertible debentures | CARE AA; Stable | Upgraded from CARE AA-; Positive |
| Commercial paper | CARE A1+ | Reaffirmed |
The upgrade in the long-term ratings reflects CARE's assessment of Piramal Pharma's improved financial risk profile and business outlook. The reaffirmation of the short-term rating indicates CARE's continued confidence in the company's ability to meet its short-term obligations.
This rating upgrade is expected to positively impact Piramal Pharma's borrowing costs and overall financial flexibility. It also reflects the company's commitment to maintaining a strong credit profile.
