Ashok Leyland's credit ratings reaffirmed by CARE, ICRA

Ashok Leyland Limited has received reaffirmations of its credit ratings from CARE Ratings Limited and ICRA Limited, as detailed in an announcement dated September 13, 2025. CARE Ratings reaffirmed the 'CARE AA+; Stable' rating for long-term bank facilities (reduced from INR 300.00 to INR 200.00 Crores) and non-convertible debentures (INR 200.00 Crores). The long-term / short-term bank facilities (INR 3,700.00 Crores) and short-term bank facilities (INR 300.00 Crores) were reaffirmed at 'CARE AA+; Stable / CARE A1+' and 'CARE A1+' respectively, while commercial paper (INR 2,000.00 Crores) was reaffirmed at 'CARE A1+'. The total rated amount by CARE stands at INR 6,400.00 Crores.

ICRA Limited also reaffirmed Ashok Leyland's ratings across various instruments, bringing their total rated amount to INR 7,432.50 Crores. Commercial paper (INR 2,000.00 Crores) was reaffirmed at '[ICRA]A1+', and non-convertible debentures (INR 200.00 Crores) at '[ICRA]AA+ (Stable)'.

Long-term / short-term fund-based cash credit (INR 2,000.00 Crores), non-fund-based limits (INR 1,500.00 Crores), and unallocated limits (INR 750.00 Crores) were reaffirmed at '[ICRA]AA+ (Stable)/[ICRA]A1+'. The long-term fund-based term loan (INR 982.50 Crores) was reaffirmed at '[ICRA]AA+ (Stable)'.