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Our Bureau

New Delhi , April 6

CREDIT rating agency Fitch has upgraded the rating of the Rs 50-crore non-convertible debenture programme of Ballarpur Industries Ltd (BILT) to `AA-(ind)' from `A+(ind)' and has assigned a rating of `AA-(ind)' to the new Rs 100-crore NCD programme of the company.

BILT said in a statement that Fitch has also assigned `F1+(ind)' rating to its Rs 50-crore short-term debt programme.

Fitch affirmed the `F1+(ind)' rating to the Rs 100-crore commercial paper programme and the `AA+(SO)(ind)' rating to the Rs 24.5-crore structured debt programme, with a partial guarantee from FMO, Netherlands. The outlook on the ratings is stable.

Fitch withdrew the rating on the preference share programme at the request of the company. BILT confirmed that there are no outstandings against the rated instrument.

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