Credit ratings agency Moody’s on Tuesday withdrew Kalyan Jewellers India Ltd’s stable B2 long-term corporate family rating. The rating outlook prior to withdrawal was stable.

The decision of the rating agency reportedly comes after Kalyan Jewellers pushed back from its plans to access the international debt capital markets. Market sources said that the jewellery group company was in the process of raising around $200 million in April to refinance the old debt.

When contacted, Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers, said that Moody’s withdrawal of the credit rating is based on the company’s decision to refrain from a bond issue due the current market conditions. This is mentioned in their report as well.

AGM on September 22

The Kerala-based jewellery group is the second-largest jeweller in the country with a consolidated revenue of ₹10,820 crore ($1.4 billion) and core profit of around ₹850 crore ($107 million) for the fiscal year ended March 31.

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With a good performance in 2022, the company’s shares witnessed a 65 per cent increase in the last six months. The company is scheduled to conduct its annual general meeting on September 22.

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