Deccan Cements: Credit Rating Revised to BBB- /Negative; Issuer Not Cooperating
Deccan Cements Limited withdrew its plan to raise ₹50 Crores via NCDs. Infomerics Valuation and Rating Limited, despite the withdrawal, assigned a revised credit rating of IVR BBB- /Negative with 'ISSUER NOT COOPERAITNG*' status on June 9, 2026. Previously, the rating was IVR BBB+/Positive.
While the company did not proceed with the NCD issuance, a 'not cooperating' tag from a rating agency can impact future fundraising efforts and investor confidence.
The credit rating has been revised downwards to 'Negative' and the rating agency has marked the issuer as 'not cooperating', which is generally viewed negatively by the market.
Deccan Cements Limited (DCL) has informed stakeholders about the review of its credit rating for proposed Non-Convertible Debentures (NCDs). The company had initially planned to raise up to ₹50 Crores through NCDs for its expansion project. A partial mandate was given to Infomerics Valuation and Rating Limited for rating NCDs up to ₹25 Crores.
However, the company decided not to proceed with the NCD issuance as the expansion project was completed within budget, with reduced capital costs and term loans. DCL communicated its withdrawal from the rating exercise to Infomerics on March 30, 2026, via email on March 31, 2026.
Despite DCL's withdrawal, Infomerics proceeded to review the rating for the dropped NCD proposal, assigning a rating of IVR BBB- /Negative with an 'ISSUER NOT COOPERAITNG*' status on June 9, 2026. This rating action follows a previous rating of IVR BBB+/Positive assigned on September 23, 2025.
The company has clarified that the rating is for a withdrawn proposal and that Infomerics was repeatedly informed of this fact.
What to do with a filing like this
Deccan Cements Limited filed this with the NSE as a statutory disclosure, categorised under debt fundraising. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Deccan Cements Limited. Read the original for the full detail.