All the instruments rated by ICRA covers the bonds downgraded by Brickworks Ratings vide Rationale released on 29 January 2024. In the rating rationale also, Brickworks had clarified that the downgrade is not based on the operational performance of the company, but on the regulatory requirements of downgrading a rating in investment grade in the Issuer Not Cooperating category to the non-investment grade after six months. Brickworks further clarifies that as per the Q3FY24/9M FY24 results, the company continues to perform well. The outlook continues to be Stable considering the strategic importance and the ownership of the company, with adequate cash flow generation to meet its debt obligations and the financial performance is expected to be consistent in the medium term.

The outstanding bonds which earlier were rated by M/s Brickwork Ratings India Private Limited now have dual rating from rating agencies, i.e, ICRA and INDIA RATINGS/ CARE.

The Company confirms that it continues to enjoy the existing rating of AAA/Stable from ICRA Limited and India Ratings Research Private Limited and AA+/Positive by CARE Edge Ratings Limited in the respective rated instruments/facilities. Further, the Company also reiterates that its operations are normal and its financial health is sound.