CRISIL upgraded its long-term credit rating on Rane (Madras) (NSE:RML, BOM:532661) to A+ from A, and removed the rating from "ratings watch with positive implications," according to a Wednesday filing with the Indian bourses.
Short-term rating was affirmed at A1. The rating outlook is stable.
The upgrade follows the regulatory approval for the merger of Rane Engine Valve (NSE:RANEENGINE, BOM:532988), Rane Brake Lining with and into Rane (Madras).
Meanwhile, CRISIL withdrew BBB+ long-term and A2 short-term rating on Rane Engine Valve, after the merger came into effect on April 7, the filing said.
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