ICRA has retained the A1+ rating to the Rs 5-crore CP programme of Tata Refractories Ltd (TRL). The rating indicates highest safety in the short term and takes into account TRL’s position as the largest player in the domestic refractories market, its ability to maintain stable volumes in a difficult market scenario, and the advantages arising from it being a subsidiary of Tisco. Tisco is also the primary customer of TRL and as such this relationship leads to a lower offtake risk for TRL. The rating also factors in the improvement of the profitability and coverage indicators of TRL in the current year. TRL’s wide product range, size of operations and its association with Tisco are also expected to mitigate the risks arising from the declining specific consumption of refractories.