Crisil Revises Outlook On United Spirits’ Long-Term Bank Facilities To Positive

Diageo-controlled United Spirits Ltd. on Monday said rating agency Crisil has revised rating to 'positive' from 'stable' on the long-term bank facilities and non-convertible debentures.

The outlook has been revised as 'CRISIL AA+' on the basis of a total bank loan facilities of Rs 3,925 crore, the company said in a regulatory filing.

The short-term rating on commercial paper has been reaffirmed at 'A1+', it added.

"The outlook revision reflects the expectation of improvement in USL's credit profile, commensurate with better cash accrual and leverage over the medium term," the company said.

USL's standalone earnings before interest, taxes, depreciation, and amortisation margin improved to 18 percent in the first half of the financial year 2019-20, it added.