India Ratings Revises CCL Products' Outlook to Stable, Affirms 'IND AA-'

India Ratings and Research (Ind-Ra) has revised CCL Products India Limited's Outlook to Stable from Positive while affirming its Long-Term Issuer Rating at 'IND AA-'.

Ind-Ra continues to take a consolidated view of CCL and its wholly-owned subsidiaries Jayanti Pte Ltd (Singapore), Ngon Coffee Company Ltd (Vietnam), Continental Coffee SA (Switzerland), and Continental Coffee Private Limited (India; 'IND A-/Positive) to arrive at the ratings, on account of the strong operational synergies among them, given the similar nature of businesses, and common promoters and senior management.

The Outlook revision reflects Ind-Ra's expectation of CCL's net leverage (net debVEBITDA) to remain above 1.0x in the medium term owing to an increase in debt to fund capacity expansion.

Shares of CCL Products (India) Limited was last trading in BSE at Rs. 506.25 as compared to the previous close of Rs. 519.60. The total number of shares traded during the day was 6971 in over 577 trades.

The stock hit an intraday high of Rs. 540.00 and intraday low of 503.00. The net turnover during the day was Rs. 3590844.00.

Source : Equity Bulls

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CCLProductsIndia INE421D01022 RatingUpdate OutlookRevision