ICRA reaffirms, assigns ratings for SG Finserve facilities

ICRA has reaffirmed SG Finserve Limited’s long-term fund-based/non-fund-based bank facilities of INR 500 crore at [ICRA]AA(CE)/(Stable). Additionally, the commercial paper for INR 200 crore has been reaffirmed at [ICRA]A1+, and non-convertible debentures of INR 50 crore also saw a reaffirmation at [ICRA]AA(CE)/(Stable). The rating without explicit credit enhancement for these instruments stands at [ICRA]A+.

New ratings were assigned for proposed facilities, including long-term fund-based/non-fund-based bank facilities of INR 500 crore, which received an assigned rating of [ICRA]AA(CE)/(Stable). A provisional rating of [ICRA]AA(CE)(Stable) was also assigned to proposed non-convertible debentures amounting to INR 150 crore. The provisional ratings are subject to the fulfillment of conditions under the structure and review of final documentation.

The ratings are specific to the terms and conditions of the instruments, and any changes in terms or size would necessitate a review by ICRA. The company’s creditworthiness is further supported by a corporate guarantee from S Gupta Holding Private Limited for certain proposed facilities.