India Ratings & Research (Ind-Ra) has affirmed Crompton Greaves (CGL) long-term issuer rating at 'AA' with a stable outlook.

Ind-Ra continues to take a consolidated view of CGL and its subsidiaries and consider their investments in liquid mutual funds as debt. The affirmation is led by CGL maintaining fairly stable EBITDA margins over 1QFY14-1QFY15 (year end March) after successfully restructuring operations at its Michelin facility in 3QFY13.

This is a significant recovery from the performance in 3QFY13 when a write off of the large non-recurring expenses associated with restructuring at the Michelin power transformer factory pulled margins down to 0.1%.

Shares of the company gained Rs 0.5, or 0.22%, to settle at Rs 226.20. The total volume of shares traded was 491,574 at the BSE (Tuesday).