ICRA has assigned ICRA A1+ rating to the enhanced short term debt – commercial paper programme of Rs. 900 Cr (enhanced from Rs. 300 Crore) of Mangalore Refinery and Petrochemicals Ltd (MRPL). The outlook on the long-term rating is ‘Stable’.
MRPL also has the ICRA A1+ rating outstanding for the Rs. 5500 crore non-fund based limits of MRPL, ICRA AAA rating outstanding for the Rs. 1500 crore fund based limits of MRPL and the issuer rating of IrAAA assigned for general creditworthiness.
ICRA also notes that MRPL is in the midst of large projects, which albeit are in final stages of execution expose the company to residual project implementation and stabilization risks.
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