OIL & GAS

India Ratings and Research upgrades Runaya Refining outlook to positive

Runaya Refining LLP on Tuesday said India Ratings and Research has upgraded the outlook on the company to positive from stable. “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 company said in a statement.

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 company said.

“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 Q4FY21 respectively,” it said

Source
ET News
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