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Remi Edelstahl Tubulars announces revision in credit ratings

Remi Edelstahl Tubulars announced that CRISIL has informed rating for the bank facilities in the following manner:

a) For Long term (Fund based) facilities for Rs.30.00 crore, CRISIL has revised rating to CRISIL BB + / Negative and;

b) For Short term (non-fund based) facilities for Rs. 50.00 crore, CRISIL has revised rating to CRISIL A4+.

The reason for downgrade of rating as provided by CRISIL :- The downgrade reflect the stress on the business risk profile of the Company reflected in steep decline in turnover due to lower than anticipated off take in demand of end user industry i.e. power sector/ refinery and petrochemical, high inventory and falling material prices.

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