Moody’s Investors Service has withdrawn the long-term corporate family rating of Kalyan Jewelers India Limited (KJIL) B2.
The credit rating agency had earlier given a ‘stable’ rating outlook.
“Given the current market conditions, the company has pushed back its plans to access the international debt capital market,” Moody’s said in a statement. “Moody’s has decided to withdraw the rating for its commercial reasons,” the rating agency said.
Kalyan Jewelers is the second largest jewelery company in India and has operations in West Asia. The firm posted a consolidated revenue of ₹10,818 crore and a net profit of ₹224 crore for March.
KJIL is listed on BSE and NSE. The promoter family and related companies hold 60.53% stake in KJIL. Hydel Investments Limited, affiliated with private equity firm Warburg Pincus & Company US LLC, has a direct stake of 26.36%.