ICRA upgrades long-term rating of TajGVK Hotels & Resorts Ltd

Based on a review of the latest developments, the Rating Committee of ICRA, after due consideration has upgraded the long-term Rating to [ICRA]A- (pronounced ICRA A minus) from [ICRA]BBB+ (pronounced ICRA triple B plus) for Rs. 102.13 crore Bank Facilities of TajGVK Hotels & Resorts Limited. The Rating Committee of ICRA, after due consideration, has also upgraded the short-term Rating to [ICRA]A2+ (pronounced ICRA A two plus) from [ICRA]A2 (pronounced ICRA A two) ("Rating") for the aforementioned bank lines of the company. The ratings have been removed from Watch with Developing Implication and Stable outlook has been assigned for the long term ratings.

Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

Source : Equity Bulls

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TajGVKHotelsandResorts RatingUpgrade ICRA