ICRA An Affiliate of Moody's

Entity-Specific Rating Rationales

12 Feb 2026

PCBL Chemical Limited (erstwhile PCBL Limited): Ratings reaffirmed; outlook revised to Negative

17 Mar 2025

PCBL Chemical Limited (erstwhile PCBL Limited): Ratings reaffirmed

19 Mar 2024

PCBL Limited (erstwhile Phillips Carbon Black Limited): Ratings reaffirmed with change in limits

12 Jan 2024

PCBL Limited (erstwhile Phillips Carbon Black Limited): Ratings reaffirmed; removed from rating watch with developing implications; rated amount enhanced; fresh rating assigned for NCDs

07 Dec 2023

PCBL Limited (erstwhile Phillips Carbon Black Limited) - Placed on Rating Watch with Developing Implications

10 Apr 2023

PCBL Limited (erstwhile Phillips Carbon Black Limited): Ratings reaffirmed

Entity-Specific Credit Perspective Reports

16 Mar 2026

PCBL Chemical Limited (erstwhile PCBL Limited)

PCBL Chemical Limited (erstwhile PCBL Limited) (Non-SF)

15 Apr 2025

PCBL Chemical Limited (erstwhile PCBL Limited)

PCBL Chemical Limited (erstwhile PCBL Limited) (Non-SF)

15 Feb 2024

PCBL Chemical Limited (erstwhile PCBL Limited)

PCBL Chemical Limited (erstwhile PCBL Limited) (Non-SF)

Ratings

Description	Short Term	Medium Term	Long Term	Issuer
Term Loans	--	--	[ICRA]AA(Negative)	--
Unallocated Limits	--	--	[ICRA]AA(Negative)	--
Non Convertible Debenture	--	--	[ICRA]AA(Negative)	--
Working Capital Term Loan	--	--	[ICRA]AA(Negative)	--
Commercial Paper	[ICRA]A1+	--	--	--

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