Escorts announced that India Ratings & Research has upgraded and assigned the long term issuer rating to IND AA- from IND A+. The outlook is Positive. The instrument wise rating actions are given below -

Fund based working capital limits (Rs 3090 crore) - IND AA-/Positive/IND A1+ (long term rating upgraded; short term rating affirmed)

Non fund based working capital limits (Rs 3210 crore) - IND AA-/Positive/IND A1+ (long term rating upgraded; short term rating affirmed)

Term loan (Rs 200 crore) - IND AA-/Positive (upgraded)

Proposed fund based working capital limits (Rs 1160 crore) - Provisional IND AA-/Positive / Provisional IND A1+ (assigned)

Proposed non fund based working capital limits (Rs 790 crore) - Provisional IND AA-/Positive / Provisional IND A1+ (assigned)