CRISIL revises Ratings of Hindalco Industries

Hindalco Industries Ltd has announced that CRISIL has revised its long-term rating on the Company's non-convertible debentures to "AA/Stable" from "AAA/Rating Watch with Negative Implications".

- Non-Convertible Debentures Aggregating Rs 10.39 Billion : AA/Stable (Downgraded from AAA and removed from Rating Watch with Negative Implications)

- Rs 0.25 Billion Short-Term Debt Programme: P1+ (Reaffirmed)

The rating had been placed on watch in February 2007 following the Company's offer to acquire Novelis Inc ( Novelis rated "BB-/Negative/B-2" by Standard & Poor's); the acquisition was completed on May 15, 2007, The rating on the Company's short-term debt stands reaffirmed.

Source : Equity Bulls

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