KIOCL Limited — Credit Ratings, 20-12-2025: Credit Rating- Others

Brickwork Ratings downgraded and withdrew KIOCL's ₹1,050 Crore bank loan facilities. The long-term rating moved to BWR A-/Negative, and short-term to BWR A2. This downgrade reflects weakened operating performance, sharp revenue decline, and continued losses. Ratings were withdrawn following full repayment and closure of fund-based limits. The outlook remains Negative, highlighting operational volatility.