NLC India seeks withdrawal of credit rating from Brickwork Ratings
NLC India seeks withdrawal of its credit rating for ₹500 crore NCDs from Brickwork Ratings. New ratings have been secured from India Ratings & Research and CRISIL, with rationales issued on 26.03.2025 and 03.09.2025, respectively. NLCIL has provided necessary NOCs for the withdrawal.
The company is withdrawing its rating from one agency and has already secured ratings from other reputable agencies. This is a standard procedural action and is unlikely to have a significant impact on the company's operations or market standing.
The announcement is a routine regulatory filing regarding a credit rating withdrawal request. While the company is seeking to move away from a specific rating agency, it has secured ratings from other agencies, indicating no immediate financial distress or significant positive development.
NLC India Limited (NLCIL) has communicated its intention to withdraw credit rating assignments for its Non-Convertible Debentures (NCDs) previously rated by M/s Brickwork Ratings India Private Limited (BWR).
NLCIL had requested the withdrawal on 21.02.2023. The company has obtained new credit ratings from other approved agencies for the instruments. Specifically, for Bonds (NCD) with an outstanding amount of ₹500 crore, the rating has been reassigned to India Ratings & Research Private Limited, with the latest rationale issued on 26.03.2025. CRISIL continues to provide ratings from inception, with the latest rationale issued on 03.09.2025.
Despite NLCIL furnishing the required No Objection Certificates from Debenture Trustees to BWR for the withdrawal of ratings for NCDs (ISIN – INE589A08043), BWR has continued its rating citing technical requirements. The ratings are available on the respective credit rating agencies' websites.
What to do with a filing like this
NLC India Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it low impact, the band that almost never moves a portfolio on its own.
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See the model portfoliosA plain-language summary of a public exchange filing by NLC India Limited. Read the original for the full detail.