This time from the rating agency!
India Ratings has revised rating on CG Power’s term loan from D to AA-, a rating last seen for the company in June 2017, when share price ruled at 88. Improved credit rating helps in both, availability and lowering cost of debt. Incidentally, parent Tube Investments’ current long term rating stands at AA+, indicating strong backing to the company.
What is also noteworthy is the rating agency expects company’s operations to return to normal by FY23 i.e. in barely 13 months, which is another stamp of confidence on the company.
CG Power is now fully re-CharGed to take on its old glory.