Cox & Kings Ltd Credit Rating Upgraded

Cox & Kings Ltd has been upgraded by Credit Analysis & Research Ltd (CARE), the Rating Agency. CARE has upgraded the rating of Long Term Bank Facilities and issue of Non-Convertible Debentures of the Company to CARE AA (Double A) from the existing ‘CARE AA- (Double A Minus)’. Instruments with this rating indicate high degree of safety for timely servicing of debt obligations and carry very low credit risk.

CARE, has enhanced the Commercial Paper issue (carved out) of the Company from the existing Rs. 375 Crores to Rs. 450 Crores. The rating to the Commercial Paper issue has been reaffirmed to the highest short term rating, ‘CARE A1+ (A One Plus)’. Instruments with this rating indicate very strong degree of safety regarding timely payment of financial obligations and carry lowest credit risk.

This upgradation in the long term rating and re-affirmation of the short term rating reflects the Company’s consistent growth track record & well established brand strengths.