CRISIL, a S&P company has upgraded Crown India’s rating from BBB / Stable to BBB+ / Stable. The rating upgrade reflects the strong business, technical, and financial support Crown India has received, and continues to receive, from its parent, Crown Worldwide Holdings Limited. The upgrade also factors in CRISIL's belief that the improvement in Crown India's profitability in 2014 and first half of 2015 will be sustained over the medium term, supported by increasing demand in the records management business.
The ratings upgrade is a definite credibility enhancer for Crown India operations as it reflects an evolving company with strong financials, secure growth, higher sustainability and less vulnerable to risks by country /competitors / regulatory / industry.
The ratings reflect CRISIL’s belief that Crown India will maintain its established market position in the relocation and records management businesses over the medium term, given its strong operational capabilities, and the business, technical, and financial support it receives from Crown Worldwide Holdings Limited. The BBB+ symbol is part of CRISIL’s long-term and short-term credit ratings on debt instruments, structured finance instruments, and debt mutual fund schemes.