ICRA places Keerthi Rice Industries' rating in the non-cooperating category
To maintain transparency in credit assessments, rating agencies rely on issuers to provide timely financial and operational information. In the case of Keerthi Rice Industries, ICRA has moved the company's rating to the Issuer Non-Cooperating category after failing to receive the required information.
Highlights
- ICRA placed Keerthi Rice Industries' rating in the Issuer Non-Cooperating category because the company did not share the required information.
- Due to the unavailability of the required data, the rating agency could not conduct an updated assessment of Keerthi Rice Industries' risk profile, debt-servicing capacity and operational position.
- An issuer's non-cooperating status affects the reliability and transparency of ratings, making risk assessment more complex for lenders and investors.
This article was translated from the original. Read the original version by our correspondent here.
Rating action and rationale
According to ICRA, Keerthi Rice Industries' rating has been placed in the Issuer Non-Cooperating category because the company did not provide the rating agency with the required information. This prevented the agency from conducting a comprehensive review of the company's financial position.This action comes at a time when regular information sharing by issuers is considered essential for accurate credit assessments in the rating process. In the absence of the required data, the rating agency's ability to conduct an updated assessment of the risk profile, debt-servicing capacity and operational position is limited.
Impact on stakeholders and the financial system
An issuer's non-cooperating status affects not only its rating but also the decisions of lenders, investors and other market intermediaries. Such a situation may affect the reliability and transparency of ratings, particularly when updated information is unavailable.ICRA has emphasized that timely communication by issuers is important for maintaining accurate credit assessments. In the broader financial system, this highlights that inadequate information sharing can make risk assessment more complex for market participants.
Our previous report discussed ICRA's classification of Dhansmruti Textiles Pvt Ltd as an “issuer non-cooperating” entity, as the company did not provide sufficient information to the rating agency for a financial review. That article explained that such classifications reduce transparency around the credit profile and may negatively affect access to funding and borrowing terms as investors and lenders become more cautious.
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