BWR reaffirms & withdraws ratings of BEML simultaneously

New Delhi: State-owned BEML informed stock exchanges on Wednesday that based on its request, Brickwork Ratings India Pvt Ltd (BWR) has withdrawn its rating assigned to Commercial Paper (CP) and the ratings for Rs 5,500 crores of bank loan facilities of BEML Limited with effect from March 14.

BWR reaffirmed BEML's ratings

The ratings agency rated "BWR AA/Stable" for the long-term loan facilities worth Rs 1,500 crores. For its short-term bank loan facilities worth Rs 400 crores, the rating was BWR A1+ while the rating for its short-term non-fund based loans was BWR A1+, it said.

BEML withdraws its rating

"Based on your request for withdrawal of ratings, receipt of No Objection Certificate from the lenders along with a confirmation from the company and Issuing and Payment Agent (IPA) on Nil outstanding for the rated Commercial Papers (CPs) and in line with BWR's Rating Withdrawal Policy and the extant regulatory guidelines, the ratings for Rs 5,500 crores (Rupees Five Thousand Five Hundred Crores Only) of bank loan facilities of the company are reaffirmed and simultaneously withdrawn.," said the BWR in response to the BEML's letter.

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