Escorts announced that India Ratings & Research has upgraded and assigned the long term issuer rating to IND AA- from IND A+. The outlook is Positive. The instrument wise rating actions are given below -

Fund based working capital limits (Rs 3090 crore) - IND AA-/Positive/IND A1+ (long term rating upgraded; short term rating affirmed)

Non fund based working capital limits (Rs 3210 crore) - IND AA-/Positive/IND A1+ (long term rating upgraded; short term rating affirmed)

Term loan (Rs 200 crore) - IND AA-/Positive (upgraded)

Proposed fund based working capital limits (Rs 1160 crore) - Provisional IND AA-/Positive / Provisional IND A1+ (assigned)

Proposed non fund based working capital limits (Rs 790 crore) - Provisional IND AA-/Positive / Provisional IND A1+ (assigned)

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Escorts has executed the Business Transfer Agreement for transferring the existing RT Crane Business of the Company as a going concern on a slump sale basis to the JV with Tadano, Japan for an amount not exceeding Rs. 35 crore.

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Escorts Agri Machinery Segment (EAM) in November 2018 sold 8,005 tractors registering a growth of 56.4% against 5,119 tractors sold in November 2017.

Domestic tractor sales in November 2018 at 7,641 tractors registering a growth of 54.6% against 4,941 tractors in November 2017. Export for the month of November 2018 at 364 tractors registering a growth of 104.5% as against 178 tractors sold in November 2017.

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Escorts announced that CRISIL has assigned the rating CRISIL A1+ in respect of Commercial Paper Programme of Rs 100 crore of the Company.

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