RCF's Credit Ratings Affirmed: ICRA Maintains 'AA(Stable)' for NCDs and Term Loans
ICRA Limited has reaffirmed its credit ratings for Rashtriya Chemicals and Fertilizers Limited (RCF). The company's Non-Convertible Debentures (NCDs) and Term Loans of ₹1,200 crore and ₹3,500 crore respectively, along with Cash Credit of ₹1,100 crore, retain an 'ICRA AA(Stable)' rating. Commercial Paper of ₹3,000 crore is rated 'ICRA A1+'. The ratings were confirmed on March 24, 2026.
Maintaining strong credit ratings is crucial for a company's borrowing costs and access to capital. While this is a routine rating affirmation, it provides stability and confidence to lenders and investors.
The affirmation of strong credit ratings by ICRA indicates the company's stable financial health and creditworthiness, which is a positive development.
Rashtriya Chemicals and Fertilizers Limited (RCF) has received an affirmation of its credit ratings from ICRA Limited. The rating agency has maintained an 'ICRA AA(Stable)' rating for Non-Convertible Debentures (NCDs) of ₹1,200 crore, Long Term Fund Based Cash Credit of ₹1,100 crore, and Long Term Fund Based Term Loan of ₹3,500 crore. Additionally, the 'ICRA AA(Stable)/ICRA A1+' rating has been affirmed for Non-Fund Based Others, and 'ICRA A1+' for Commercial Paper, amounting to ₹500 crore and ₹3,000 crore respectively.
These ratings were confirmed following a periodic monitoring process by ICRA. The agency's Rating Committee reviewed the creditworthiness of RCF's various debt instruments. The ratings are effective as of March 24, 2026, and are valid for the respective instruments as previously communicated. The details of bank limits rated by ICRA include Term Loans from Axis Bank Limited (₹144 crore), HDFC Bank Limited (₹2,200 crore), State Bank of India (₹121 crore), Emirates NBD Bank PJSC (₹300 crore), CTBC Bank Co. Limited (₹168 crore), and proposed Term Loans (₹567 crore). State Bank of India's Cash Credit facility of ₹1,100 crore and Axis Bank Limited's Non-Fund Based Facilities of ₹500 crore were also part of the review.
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Rashtriya Chemicals and Fertilizers Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. 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 Rashtriya Chemicals and Fertilizers Limited. Read the original for the full detail.