Hot Pursuit
Indian Hotels Co Ltd announced revisions and upgrades to its credit ratings from both CARE Ratings Limited and CARE Ratings Ltd. CARE Ratings Limited upgraded the long-term bank facilities amounting to Rs 393.00 crore from CARE AA+; Stable to CARE AAA; Stable, while reaffirming the short-term rating at CARE A1+. CARE Ratings Ltd. also upgraded the long-term bank facilities from Rs 393.00 to CARE AAA; Stable/CARE A1+, alongside reaffirming the short-term rating, and withdrew ratings for Non Convertible Debentures LT. The rating agencies also referenced various instruments including Corporate Bonds and Debentures, Commercial Papers, and fund-based/non-fund-based facilities totaling Rs 113.00 and Rs 280.00, and noted a cumulative lease rental dispute with Mumbai Port Trust of Rs 1,874 crore, with the company’s assessment at Rs 163.56 crore, alongside providing details on liquidity, cash accruals, repayment obligations, and capital expenditure plans.