Moody’s Investors Service has withdrawn Kalyan Jewellers India Ltd.’s (KJIL) B2 long-term corporate family rating.
The credit rating agency had earlier given ‘stable’ rating outlook.
“In view of the current market conditions, the company has pushed back its plans to access the international debt capital markets,” Moody’s said in a statement. “Moody’s has decided to withdraw the rating for its own business reasons,” the rating agency added.
Kalyan Jewellers is the second-largest jewellery company in India and has operations in West Asia. The firm posted consolidated revenue of ₹10,818 crore and net profit of ₹224 crore for March.
KJIL is listed on the BSE and NSE. The promoter family and associated companies own 60.53% of KJIL. Highdell Investments Ltd., an affiliate of private equity firm Warburg Pincus & Co. US LLC, has a direct stake of 26.36%.
