Leading credit rating agency CARE has upgraded the credit ratings for Texmaco Rail & Engineering Limited’s bank facilities, the company announced today. The long-term bank facilities rating has been raised to CARE A from CARE A-, while the short-term facilities rating has been elevated to CARE A1 from CARE A2+.
The shares of Texmaco Rail & Engineering Limited were trading at ₹196.87 down by ₹0.33 or 0.17 per cent on the NSE today at 11.48 am.
Both ratings carry an RWD (Rating Watch with Developing Implications) modifier, indicating ongoing assessment of factors that could affect the company’s credit profile. The ratings upgrade suggests improved creditworthiness for the Kolkata-based railway infrastructure company.
CARE A rating indicates adequate safety for timely servicing of financial obligations with low credit risk. The CARE A1 rating, among the highest in the short-term scale, signifies very strong safety regarding timely payment of financial obligations with minimal credit risk.
Texmaco Rail & Engineering is a prominent manufacturer of freight wagons and railway infrastructure provider in India. The company made this announcement through regulatory filings to both stock exchanges.
The RWD status attached to both ratings suggests that while the company’s credit profile has improved, it remains under review as various developments continue to unfold that could impact its creditworthiness either positively or negatively.