ICRA announces revision in rating of Prism Cement

NEW DELHI: ICRA, a credit rating agency, has lowered the long term rating from 'AA-' to 'A+' given to Rs 1060-crore term loans, Rs 302-crore fund based limits, Rs 91-crore non-fund based limits and Rs 375-crore NCD programme of Prism Cement (PCL) .

Also, the outlook on long term rating has been revised from 'Negative' to 'Stable'.

ICRA also cut the short term rating from 'A1+' allocated to the Rs 35-crore short term loans, Rs 40 crore fund based limits and Rs 273 crore non-fund based limits of the company from.

The bank limits comprise of the limits of the erstwhile H and R Johnson India Ltd (HRJ) and RMC Readymix India (RMC), which has been merged with PCL and presently functions as divisions of PCL.