India Ratings & Research (Ind-Ra) has affirmed Madras Fertilizers (MFL) long-term issuer rating at 'D'.  The affirmation reflects MFL being registered as a sick company with the Board for Industrial and Financial Reconstruction (BIFR) since 2009. Also, the board has yet to approve the debt rehabilitation scheme (DRS) for the company.

MFL has been generating EBITDA profits since FY10 (year end March). There have also been no irregularities in the use of working capital facilities during FY13. De-registration from BIFR and implementation of DRS could result in a positive rating action.