P Sudhakar, additional general manager, CARE Rating, says the steps taken by the company to improve its balancesheet by raising equity aids the decision to upgrade the company.
In an interview to CNBC-TV18, P Sudhakar, additional general manager, CARE Rating speaks about the rationale behind upgrading Aban Offshore from a 'D' rating to 'BB-'
Sudhakar says there have been numerous positives in the industry as well as the company that has led to this upgrade.
What seems to have worked for the company is the steps it has taken to improve its balancesheet by raising equity and its refinancing of overseas liabilities of USD 2 billion.
Transcript to follow soon.
CARE stock price
On December 30, 2014, at 14:12 hrs Credit Analysis and Research was quoting at Rs 1434.10, up Rs 14.50, or 1.02 percent. The 52-week high of the share was Rs 1588.95 and the 52-week low was Rs 680.00.
The company's trailing 12-month (TTM) EPS was at Rs 51.15 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 28.04. The latest book value of the company is Rs 167.01 per share. At current value, the price-to-book value of the company is 8.59.
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