New Delhi, Jun 28 (PTI) Godrej Consumer Products Ltd (GCPL) on Monday said credit ratings agency ICRA has upgraded its long-term rating to AAA (Stable) from AA+ (Stable).

It has also reaffirmed its short-term rating of A1+, the Godrej group firm said in a statement.

The rating has been upgraded based on a loan of Rs 800 crore and a commercial paper programme of Rs 750 crore.

"Corporates with the [ICRA] AAA rating are considered to have the highest degree of safety, with regard to the timely servicing of financial obligations; thus carrying the lowest credit risk," said GCPL.

ICRA said the long-term rating upgrade reflects its expectation that the financial and operational risk profile of GCPL will "remain strong, going forward, driven by its established market position" in the FMCG industry.

"ICRA expects GCPL to continue to leverage its strong brands and market leadership position across different segments/geographies to drive sustained growth in revenues and accruals while maintaining a robust capital structure and debt protection metrics," it said.

ICRA noted that in the pandemic-hit FY21, GCPL's revenues improved by 11 per cent to Rs 11,028 crore from Rs 9,910 crore in FY20.

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