ICRA has assigned the long-term rating of [ICRA]AA- (pronounced ICRA double A minus) to Rs.150 crore non-convertible debenture (NCD), Rs.100.51 crore term loans, Rs.621 crore fund based limits, Rs.744 crore non-fund-based limits and Japanese Yen million (JPY) 172 million external commercial borrowing (ECB) of Himadri Speciality Chemical Limited (HSCL). The outlook on the long-term rating is Stable. Though the ECB facility of the company is denominated in foreign currency, ICRA's rating for the same is on a national rating scale, as distinct from an international rating scale. The Rs.744 crore non-fund-based limits have also been rated in the short-term scale for which ICRA has assigned the [ICRA]A1+ (pronounced ICRA A one plus) rating.

ICRA has the short-term rating of [ICRA] A1+ outstanding for Rs.300.00 crore commercial paper (CP) programme of the Company.