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Goodricke Group Ltd. sees ratings reaffirmed and upgraded by ICRA, Moody's, and S&P

(27-Oct-26   12:52)

Goodricke Group Ltd announced reaffirmations and an upgrade across several debt instruments and ratings from ICRA Limited, Moody's Investors Service, and S&P. ICRA reaffirmed the “[ICRA]A(Stable)/[ICRA]A2+” rating for Line of Credit facilities (Fund Based - Cash Credit), Line of Credit facilities (Non-fund based - Letter of Credit/ Bank Guarantee), Fund Based - Cash Credit of 155.00, Non-Fund Based - Letter of Credit/Bank Guarantee of 9.00, and various fund and non-fund based limits with Axis Bank Limited (75.00, 3.00), HDFC Bank Limited (50.00, 6.00), and ICICI Bank Limited (30.00), along with reaffirmations for Long term/Short term – Fund based – Cash credit of 155.00 and Long term/Short term – Non - fund based – Letter of credit/Bank guarantee of 9.00, all with an outlook reflecting expectation of continued business profile support; additionally, ICRA noted a potential upgrade to the corporate credit rating contingent on improved profitability and debt coverage metrics. Moody's affirmed the “[Baa2]” rating for Senior Secured Debt of Rs. 100 crore with a stable outlook, while S&P upgraded the Bank Loan of Rs. 50 crore to “BBB-,” citing improved liquidity, and noted that Moody's is ICRA's largest shareholder.