Parag Milk Foods Limited — Credit Ratings, 08-08-2025: Credit Rating

ICRA has withdrawn the [ICRA]BBB- credit rating, previously under a 'Rating Watch with Developing Implications,' for Parag Milk Foods' Non-Convertible Debenture (NCD) programme worth Rs. 150 crore. This action was taken at the company's request, supported by a no-objection certificate from the lender, in line with ICRA's policy on rating withdrawals. Importantly, ICRA clarified it has no information indicating any change in the company's credit risk since the last review. For investors, this withdrawal is a neutral event, suggesting the NCDs may have matured, been repaid, or refinanced privately, rather than reflecting a deterioration in Parag Milk Foods' financial health or future borrowing capacity.