Ind-Ra assigns investment-grade credit rating to Runaya Refining

Runaya Refining Tuesday said India Ratings and Research has assigned it an investment-grade credit rating, on the back of continuation of timely implementation of the project, successful tie-up with foreign technology company and low working capital requirement.

"Runaya Refining has been assigned a long-term issuer rating of 'IND BBB-' (with stable outlook) by India Ratings and Research," Runaya Refining said in a statement.

Instruments with the rating 'IND BBB' are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.

Runaya Refining is a sustainability solutions company with operations based on its licensed proprietary patented technology.

The rating is assigned on the basis of Runaya Refining's operational linkage with a strong counterparty Vedanta Ltd, continuation of timely implementation of the project, successful tie-up with foreign technology company, low working capital requirement, and ..