India rating agencies raise TELCO's long-term debt

Newswire

BOMBAY, Feb 26 (Reuters) - Indian rating agencies CRISIL and ICRA Ltd said on Wednesday they had upgraded Tata Engineering and Locomotive Company Ltd's (TELCO) long-term debt rating on the back of strong growth in sales volumes and cost savings. The Credit Rating and Information Services of India Ltd (CRISIL) raised TELCO's debt to 'AA' from 'AA-', while ICRA raised it to 'LAA' from 'LAA-', both representing an upgrade within the 'high safety' grade. The company is breaking even at lower ...

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