Apollo Micro Systems gets revision in credit ratings from ICRA

Apollo Micro Systems announced that ICRA has revised its credit rating i.e. Long Term Rating to [ICRA] BBB- (pronounced ICRA triple B minus) from [ICRA] BBB (pronounced ICRA triple B) and the short term rating to [ICRA] A3 (pronounced ICRA A three) from [ICRA A3+] (pronounced ICRA A three plus), to Rs 142 crore Line of Credit of the Company. The outlook on Long Term Rating has been revised to 'Negative' from 'Stable' due to deterioration in working capital cycle owing to an increase in debtor days, high inventory holding, and lower creditors. The aforesaid ratings will be due for surveillance anytime before 30 April 2020.

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