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Credit rating of Gulf Oil Lubricants India Limited, a Hinduja Group Company, has been upgraded by rating agency ICRA.
ICRA has upgraded the long-term rating assigned to the fund based limits and non-fund based limits of Gulf Oil Lubricants India Limited aggregating Rs 392 crore (enhanced from Rs 345 crore). It said that the outlook on the long-term rating is Stable.
According to a statement, this upgradation in the long term and short term ratings reflects the company's consistent healthy cash accruals generated in the business. This has led to strong debt coverage metrics and comfortable capital structure and liquidity position for the company.
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