VISA Credit Rating Company Limited has maintained the entity ratings of Agro Processors and Atmospheric Gases Limited at triple B minus/A-two. The medium to long term rating of ‘BBB-‘ signifies adequate credit quality. Protection factors are reasonable and sufficient while risk factors are considered variable if changes occur in the economy. The short-term rating of ‘A-2’ indicates good certainty of timely payments, said a release on Tuesday. The liquidity factors and company fundamentals are sound. Access to capital markets is good, risk factors are small and the outlook on the rating has been revised from ‘positive’ to ‘stable’. The previous rating action of ‘BBB-/A-2’ with a positive outlook was announced on March 26, 2021. APAG is engaged in the manufacture and sale of edible oil, banaspati and related products for both B2B (business-to-business) and B2C (business-to-consumer) markets. Assigned ratings are in line with the experience of the sponsors in the industry as well as with the business risk profile of the company. However, the ratings are constrained by the elevated gearing and leverage levels. Following the equity injection in February 2021, the Company’s capitalization indicators exhibited improvement. However, the same remain on the higher side and in line with the assigned ratings. Deleveraging of balance sheet and improvement in profitability profile with onboarding of the new partner is expected over time and will remain important for ratings.