Gitanjali Gems Ltd has informed BSE that the Credit Analysis & Research Ltd (CARE) has assigned ‘CARE A -’ (single A Minus) rating to one of the subsidiaries namely, Gitanjali Exports Corporation Ltd (GECL). This rating is applicable for facilities having tenure of more than one year. Instruments with this rating are considered to offer adequate safety for timely servicing of debt obligations and carry low credit risk.

Further, CARE has assigned ‘PR2+ (PR Two Plus) to GECL. This rating is applicable for facilities having tenure up to one year. Instruments with this rating would have adequate capacity for timely payment of short-term debt obligations.