Mumbai, Aug. 25 -- The agency has also affirmed the company's short-term rating at 'IND A1+'.

India Ratings & Research stated that the affirmation reflects CIL's strong business profile as India's second-largest phosphatic fertilizer player and largest single super phosphate (SSP) player.

Its EBITDA margins remain resilient due to backward integration for sourcing of fertilizer raw material, improving proportion of non-subsidy revenue and healthy contribution from unique formulations.

CIL's strong credit metrics are driven by a healthy EBITDA generation and capex funded through internal accruals.

The liquidity position of the company is adequate, backed by healthy cash balances, liquid investments, and inter-corporate deposits.

Howev...