Zeal Aqua changes credit rating agencies, secures new Infomerics rating

On August 26, 2025, Zeal Aqua Limited informed BSE Limited of a change in its credit rating. CRISIL Ratings migrated Zeal Aqua's long-term rating from 'Crisil BBB/Positive' to 'Crisil BB+/Stable (ISSUER NOT COOPERATING).' This change was attributed to Zeal Aqua's non-cooperation with CRISIL, with the company noting its decision to discontinue services with CRISIL Ratings Limited and obtaining No Objection Certificates from its consortium of banks.

Concurrently, Zeal Aqua announced that Infomerics Valuation and Rating Limited had assigned new credit ratings to its bank facilities, totaling INR 200.00 crore. The long-term facilities, amounting to INR 168.23 crore, received an "Assigned" rating of 'IVR BBB-/Positive (IVR Triple B Minus with Positive Outlook).' Short-term facilities, totaling INR 31.77 crore, were also "Assigned" a rating of 'IVR A3 (IVR A Three).' This dual announcement indicates a strategic move by Zeal Aqua to re-establish its credit rating with a new agency following the migration of its previous rating.