The long term credit rating of GP Petroleums, an Indian subsidiary of Gulf Petrochem Group, debt instruments has been upgraded to 'A-/Stable' by CRISIL (A Standard & Poor's company) from 'BBB+' earlier. The company's short-term rating meanwhile, has been raised to 'A2+' from 'A2'.

Rated on the total bank loan facilities of Rs 1.95 billion, CRISIL has assigned a 'Stable' outlook for the company, in the long as well as the short-term. The credit rating upgrade highlights the underlying financial strength of the company in terms of its debt obligation. The review and consequent upgrade process is independent, unbiased and objective.

GP Petroleums is committed to the timely payment of its financial obligations. The credit rating upgrade by CRISIL underscores the company's strong corporate governance and due diligence towards its lenders.

The upgrade also opens future avenues for GP Petroleums to access and/or raise capital at a relatively lower cost, thus strengthening as well as broadening our investor base.

Shares of the company gained Rs 0.85, or 1.74%, to trade at Rs 49.75. The total volume of shares traded was 34,201 at the BSE (11.10 a.m., Monday).