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Article: ICRA assigns LAA- rating to Chowgule and Co's bank lines.
- Article from:
- ADP Debt News
- Article date:
- August 20, 2009
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(ADPnews) - Aug 20, 2009 - ICRA assigned Thursday a long-term LAA- rating to the INR 1.75 billion (USD 35.9m/EUR 25.3m) bank guarantees of Indian iron ore firm Chowgule and Company Private Ltd (CCPL).
The agency also gave an A1+ rating to the company's INR 1.73 billion fund-based and non-fund based limits.
The ratings, implying high and highest, credit quality, respectively, are supported by the company's low-cost mining reserves in Goa that enable it to generate adequate profits even during periods of low iron ore prices, revenue visibility provided by the adequate life of its reserves, stability stemming from its long-standing relationship with key ...