India, August 11: India Ratings and Research announced that it has upgraded Runaya Refining LLP’s Outlook to ‘Positive’ from ‘Stable’ while affirming its Long-Term Issuer Rating at ‘IND BBB-’.
The upgraded rating has been awarded to Runaya Refining on the back of recent significant developments at the company. The affirmation reflects the successful completion of Runaya’s hot dross plant at Jharsuguda, Odisha and the successful trial run of its slag conditioner.
The rating will be further upgraded on full commissioning of the plant and achieving net debt to EBITDA of 2.5x which is expected to be achieved by Q3FY21 and Q4 FY21 respectively
Annanya Agarwal, CEO, Runaya Refining said, “The revision in the outlook by India Ratings and Research underlines the rapid strides that Runaya Refining has been making towards technology-enabled sustainability initiatives. As we look towards increasing our scale of operations, we are delighted by the upgraded rating that Runaya has received and we look forward to subsequent rating upgrades.”