India, April 16 -- Carraro India Limited is pleased to announce that India Ratings and Research Pvt. Ltd., a member of the Fitch Group, has upgraded the company's long-term credit rating to IND A+ with a Stable Outlook, up from IND A with a Positive Outlook. In addition, the fund-based Working Capital Limits have also been upgraded to IND A+ with a Stable Outlook. The short-term credit facility rating of IND A1 has been reaffirmed.
The rating upgrade reflects Carraro India's strong financial performance and solid credit profile. India Ratings also assigned an IND A+ (Stable) rating to the company's proposed unallocated term facility.
Commenting on the development, Dr. Balaji Gopalan, Managing Director of Carraro India Limited, said:
"We w...