Nitco's credit rating upgraded by Infomerics to IVR BB+/Stable

Nitco has announced that Infomerics Valuation and Rating Limited upgraded the credit ratings for its Non-Convertible Debentures and Redeemable Non-Convertible Preference Shares to IVR BB+/Stable from IVR D; Issuer Not Cooperating. This upgrade, effective September 5, 2025, reflects the company's operational and financial performance for FY 2025 and Q1 of FY 2026, including financial debt restructuring and improved liquidity.

The Non-Convertible Debentures, valued at INR 50.00 crore, and Redeemable Non-Convertible Preference Shares, valued at INR 150.00 crore, collectively represent INR 200.00 crore in rated facilities. The rating for Long-Term Fund-Based Bank Facilities has been withdrawn as these facilities were restructured and subsequently repaid by the company.

The upgraded rating comes after Infomerics initially re-affirmed Nitco's credit rating under the Issuer Not Cooperating category on August 19, 2025. Nitco subsequently pursued a review, leading to the current positive reassessment.