Titan Industries Ltd has informed BSE that ICRA has upgraded the rating assigned to the Rs 528.30 Million 6.75% Non-Convertible Debentures and the Rs 1 billion bond programme of the Company to LAA (pronounced as L Double A) from LAA- (pronounced as L Double A Minus) earlier. The Long term rating assigned to the Rs 15 billion fund based limit and the Rs 500 million term loan programme has similarly been upgraded to LAA from LAA- earlier. ICRA has also reaffirmed the A1+ (pronounced as A one plus) rating assigned to the Rs 100 million commercial paper programme and the enhanced Rs 10 billion (enhanced from Rs 8 billion earlier) non-fund based facilities of the Company.

The rating reaffirm the high credit quality of the debt instruments and factors in the consistent improvement in the Companys financial risk profile, driven by healthy profitability, strong cash accruals and a conservative capital structure and sustained market leadership in the organised watches and jewelly segments and the favourable future potential for both these divisions.