Tube Investments of India announced that Credit Rating Agency, ICRA has communicated to the Company by its letter dated 11 August 2020 that, after due consideration of the announcement by the Company on 7 August 2020 pertaining to the Company's binding bid for acquiring controlling interest in CG Power and Industrial Solutions and on the basis of best available information, it has placed the long-term rating for the Company's bank facilities of [ICRA]AA+ on watch with developing implications.
ICRA has further informed by its aforementioned letter that the short-term rating on the Company's commercial paper programme remains as [ICRA]A1+.
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