Brief: Maharashtra Seamless-ICRA downgraded long term rating to AA- for co's 7.19 bln rupees bank limits

Maharashtra Seamless

18/03/2016 06:48

March 18 (Reuters) - Maharashtra Seamless Ltd  MHSM.NS : 
 * ICRA Ltd revised long term rating from AA to AA- for the company's INR 7.19 bln bank limits 
 
* Source text: Maharashtra Seamless Ltd has informed BSE that ICRA Ltd., Credit Rating Agency has revised the Long term rating from AA to AA- for the Company's Rs. 718.5 Crore Bank Limits. The downward revision is due to (i) weakness in operating performance on account of lower demand of Oil Country Tubular Goods (OCTG) due to sharp decline in crude oil prices and increasing competition from Chinese players and (ii) risks related to guarantees extended by the Company to its subsidiaries and associate concerns. 
 
 * Further company coverage  MHSM.NS   
 
  ((Bengaluru Newsroom; +91 80 6749 1130))