New Delhi, June 18: Credit rating agency Icra on Wednesday reaffirmed its high safety 'LAA+' rating to the Rs 200 crore non-convertible debenture (NCD) programme of Gujarat Ambuja Cements Ltd (GACL). It also retained the 'MAA+' rating assigned to GACL's Rs 50 crore NCD programme.
The rating factors in GACL's strong market position in Indian cement industry are moderate gearing levels and favourable coverage indicators on the back of strong cash accruals, an ICRA release said.

In another rating exercise, ICRA retained the highest safety 'A1+' rating to the Rs 10 crore Commercial Paper Programme of Ambuja Cement Eastern Ltd (ACEL).
It takes into account the letter of comfort provided by Gujarat Ambuja Cement Ltd. which holds 55 per cent equity stake in AECL and latter's financial performance over the last two years on the back of cost control initiatives and favourable outlook for cement demand in the eastern region. Bureau Report