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Fineotex Chemical receives credit rating upgrades from ICRA, citing growth and acquisition benefits
24-Aug-2026, 06:58
Fineotex Chemical Ltd announced credit rating upgrades and reaffirmations from ICRA, reflecting the company's healthy growth trajectory and the anticipated benefits from its recent acquisition of a US-based speciality chemical manufacturing group. ICRA upgraded the Long Term Credit rating to [ICRA]AA- (Stable) from [ICRA]A+ (Positive), and the Long term - Fund based - Cash credit instrument of 22.00, also upgrading it from [ICRA]A+ (Positive) and revising the outlook to Stable; the Short Term rating for the Long term - Fund based - Cash credit instrument of 22.00 was reaffirmed; Bank Facilities were upgraded to ICRA A- (Stable) and ICRA A1+, while Long term - Fund based - Cash credit of 22.00 was upgraded from [ICRA]A+ and the Unallocated limits of 57.00 were upgraded from [ICRA]A+ with a revised outlook to Stable, alongside reaffirmations for Short term – Fund based - Others of 3.00, Short term – Fund based - Overdraft of 8.00, Short term - Non-fund based - Letter of credit of 8.00, Short term - Non-fund based – Others of 2.00, and RBI Total of 100.00, all maintaining their ratings; the ratings draw comfort from a strong financial risk profile supported by healthy profit margins, comfortable capital structure, and robust coverage indicators.
Fineotex Chemical Ltd announced credit rating upgrades and reaffirmations from ICRA, reflecting the company's healthy growth trajectory and the anticipated benefits from its recent acquisition of a US-based speciality chemical manufacturing group. ICRA upgraded the Long Term Credit rating to [ICRA]AA- (Stable) from [ICRA]A+ (Positive), and the Long term - Fund based - Cash credit instrument of 22.00, also upgrading it from [ICRA]A+ (Positive) and revising the outlook to Stable; the Short Term rating for the Long term - Fund based - Cash credit instrument of 22.00 was reaffirmed; Bank Facilities were upgraded to ICRA A- (Stable) and ICRA A1+, while Long term - Fund based - Cash credit of 22.00 was upgraded from [ICRA]A+ and the Unallocated limits of 57.00 were upgraded from [ICRA]A+ with a revised outlook to Stable, alongside reaffirmations for Short term – Fund based - Others of 3.00, Short term – Fund based - Overdraft of 8.00, Short term - Non-fund based - Letter of credit of 8.00, Short term - Non-fund based – Others of 2.00, and RBI Total of 100.00, all maintaining their ratings; the ratings draw comfort from a strong financial risk profile supported by healthy profit margins, comfortable capital structure, and robust coverage indicators.