ICRA Limited has upgraded long-term rating from [CRA] AA- to [CRA] AA on bank facilities of Deepak Nitrite Limited (DNL). The outlook on the long-term rating has been revised from positive to stable.

ICRA has also re-affirmed short term rating at [CRA]A1+ on bank facilities of DNL. ICRA has also re-affirmed the short term rating at ICRA] A1+ assigned to the Commercial Paper programme of DNL.

Further, ICRA Limited has upgraded long term rating from flCRAI A to [CRA] AA- on bank facilities of Deepak Phenolics Limited (DPL), a wholly owned subsidiary of DNL. The outlook on the long-term rating has been stable. ICRA has also upgraded short-term rating from flCRAlAi to [CRA] A1+ on bank facilities of DPL.