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India Ratings has upgraded **Parag Milk Foods'** long-term credit rating for Bank Facilities (INR 600 Cr) and Non-Convertible Debentures (INR 81 Cr) to 'IND BBB+/Stable' from 'IND BBB'. Its short-term Bank Loan rating improved to 'IND A2' from 'IND A3+'. This upgrade reflects an improved credit profile. The Issuer Rating was also upgraded to 'IND BBB+/Stable' before being withdrawn.