ICRA downgrades ACC, Gujarat Ambuja

MUMBAI, OCT 19: Even before cement firm Gujarat Ambuja recovers from the hangover of taking over ACC, rating firm, ICRA has downgraded both ACC and Gujarat Ambuja saying that the financial risk of both companies have gone up since the later took over ACC.

ICRA has also assigned an LAA- rating to ACC8217;s proposed Rs 200 crore NCD programme, while assigned A1 rating, indicating highest safety, for an enhanced amount of Rs 400 crore Commercial Paper CP programmes of the company.