Zodiac Energy Ltd. announced reaffirmations and adjustments to its credit ratings from both CARE Ratings Limited and CARE Ratings Ltd. (CareEdge Ratings), with CARE Ratings reaffirming bank facilities amounting to Rs 71.55, Long Term Bank Facilities of Rs 115.95, and Short Term Bank Facilities of Rs 1.50, all carrying ratings of CARE BBB; Stable, CARE A3+, and CARE A3+ respectively, with the bank facilities enhanced from Rs 63.55; a Long Term Bank Facilities instrument was withdrawn; CARE Ratings also reaffirmed ratings on various fund-based and non-fund-based facilities, including a Bank Loan of Rs 100 crore assigned a BWR A3 rating, and assigned ratings to several new fund-based and non-fund-based instruments, while withdrawing the rating for Fund-based - LT-Cash Credit of 0.00; CareEdge Ratings provided a stable outlook for an IPP project, noting benefits from a long-term power purchase agreement and sustained order execution, and clarified that its ratings represent opinions on the likelihood of timely payment.
