CRISIL Upgrades GP Petroleum’s Long-Term Ratings To ‘A-/Stable’ Short-Term Credit Rating upgraded to ‘A2+

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gulfpetrohemMumbai, August 3, 2015: The long term credit rating of GP Petroleums Limited’s (NSE & BSE: GULFPETRO), an Indian subsidiary of Gulf Petrochem Group, debt instruments has been upgraded to ‘A-/Stable’ by CRISIL (A Standard & Poor’s Company) from ‘BBB+’ earlier. The company’s short-term rating meanwhile, has been raised to ‘A2+’ from ‘A2’.

 

Rated on the total bank loan facilities of INR 1.95 billion, CRISIL has assigned a ‘Stable’ outlook for the company, in the long as well as the short-term. The credit rating upgrade highlights the underlying financial strength of the company in terms of its debt obligation. The review and consequent upgrade process is independent, unbiased and objective.

 

GP Petroleums Ltd is committed to the timely payment of its financial obligations. The credit rating upgrade by CRISIL underscores the company’s strong corporate governance and due diligence towards its lenders.

 

The upgrade also opens future avenues for GP Petroleums Ltd to access and/or raise capital at a relatively lower cost, thus strengthening as well as broadening our investor base.

 

About GP Petroleums Ltd

GP Petroleums ltd previously known as Sah Petroleums Limited, is an ISO 9001:2008 & EMS 14001:2004 certified company, specializes in designing, manufacturing and marketing, industrial & automotive lubricants, process oils, transformer oils, greases and other specialties under the brand name IPOL in India  and internationally for more than three decades.

 

About Gulf Petrochem Group

Gulf Petrochem Group is a leading player in the oil industry, specializing in Oil Trading and Bunkering, Oil Refining, Grease Manufacturing, Oil Storage Terminals, Bitumen Manufacturing, and Shipping and Logistics. Headquartered in United Arab Emirates, and having a presence in South Asia, the Far East Asia, Africa and Europe, Gulf Petrochem has emerged as one of the well-established manufacturers and traders of petroleum products in major parts of the world.