Greenlam Industries financials and balance sheet

NSE: GREENLAMBSE: 538979Consumer DurablesSmall Cap

₹211.95₹5.20 (2.39%)BSE ₹212.25

Share price at the NSE close on 23 Oct 2026. Previous close ₹217.15.

52-week range of traded prices to 23 Oct 2026

₹197.59Low, 30 Mar 2026₹278.55High, 6 Aug 2026

Market cap: ₹5,408 Cr723rd largest listed
P/E: 58.2
P/B: 4.6
Dividend yield: 0.19%
ROE: 8.1%
ROCE: 9.8%
Debt to equity: 0.89
Volume, NSE: 1,15,29856.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Greenlam Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹3,046 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 4.7% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,046
Materials and goods−1,413
Employee costs−616
Other expenses−692
Operating profit325
Depreciation−142
Other income+8.3
One-off items−6.2
Finance costs−96
Profit before tax89
Tax−33
Net profit56

What the company owns

Plant, investments and other assets₹1,906 Cr
Inventory₹764 Cr
Receivables₹219 Cr
Cash and bank₹64 Cr
Current investments₹51 Cr

What pays for it: net worth and liabilities

Net worth₹1,179 Cr
Borrowings₹1,047 Cr
Owed to suppliers₹507 Cr
Other liabilities₹271 Cr

Greenlam Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Greenlam Industries segment results by quarter

Revenue by segment

₹3,046 CrTotal

Laminates & Allied Products₹2,433 Cr79.9% of total
Plywood & Allied Products₹400 Cr13.1% of total
Panel & Allied Products₹213 Cr7.0% of total

Profit by segment

Laminates & Allied Products₹476 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Laminates & Allied Products
Revenue, ₹ crore
1,085
1,122
1,065
1,556
1,852
2,040
2,226
2,433
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
174
187
195
238
305
383
369
476
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Plywood & Allied Products
Revenue, ₹ crore
123
400
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−26
−29
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Panel & Allied Products
Revenue, ₹ crore
213
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−86
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,281	1,321	1,200	1,703	2,026	2,306	2,569	3,046
Company revenue, as in its results	1,281	1,321	1,200	1,703	2,026	2,306	2,569	3,046
Revenue	1,085	1,122	1,065	1,556	1,852	2,040	2,226	2,433
Revenue growth	–	3.5%	−5.1%	46.1%	19.0%	10.1%	9.2%	9.3%
Profit	174	187	195	238	305	383	369	476
Profit growth	–	7.5%	4.0%	22.2%	28.3%	25.5%	−3.6%	29.1%
Margin	16.0%	16.7%	18.3%	15.3%	16.5%	18.8%	16.6%	19.6%
Return on capital	40.1%	41.3%	39.8%	46.9%	54.8%	46.0%	46.4%	57.6%
Assets	582	654	746	810	895	1,302	1,327	1,420
Liabilities	148	200	257	304	339	469	532	593
Capital employed	434	453	489	507	557	833	795	827
Revenue	–	–	–	–	–	–	123	400
Revenue growth	–	–	–	–	–	–	–	226.1%
Profit	–	–	–	–	–	–	−26	−29
Margin	–	–	–	–	–	–	−21.5%	−7.2%
Return on capital	–	–	–	–	–	–	−14.7%	−8.5%
Assets	–	–	–	–	–	–	207	419
Liabilities	–	–	–	–	–	–	28	81
Capital employed	–	–	–	–	–	–	179	338
Revenue	–	–	–	–	–	–	–	213
Profit	–	–	–	–	–	–	–	−86
Margin	–	–	–	–	–	–	–	−40.4%
Return on capital	–	–	–	–	–	–	–	−11.3%
Assets	–	–	–	–	–	–	–	829
Liabilities	–	–	–	–	–	–	–	67
Capital employed	–	–	–	–	–	–	–	762
Revenue	196	198	134	147	174	209	215	–
Revenue growth	–	1.1%	−32.3%	9.5%	18.0%	20.2%	3.1%	–
Profit	12	2	−8	−11	−10	0	4	–
Profit growth	–	−83.0%	–	–	–	–	1,406.2%	–
Margin	5.9%	1.0%	−5.8%	−7.6%	−5.5%	0.1%	1.8%	–
Return on capital	5.1%	0.8%	−3.7%	−5.7%	−4.7%	0.1%	2.1%	–
Assets	266	268	240	218	232	213	228	–
Liabilities	40	30	28	24	28	39	52	–
Capital employed	226	238	212	194	204	174	176	–
Revenue	–	–	–	–	–	–	5	–
Profit	–	–	–	–	–	–	−18	–
Margin	–	–	–	–	–	–	−348.8%	–
Return on capital	–	–	–	–	–	–	−2.3%	–
Assets	–	–	–	–	–	–	823	–
Liabilities	–	–	–	–	–	–	54	–
Capital employed	–	–	–	–	–	–	769	–
Revenue	–	–	–	–	–	58	–	–
Profit	–	–	–	–	–	−33	–	–
Margin	–	–	–	–	–	−57.4%	–	–
Return on capital	–	–	–	–	–	−16.9%	–	–
Assets	–	–	–	–	–	200	–	–
Liabilities	–	–	–	–	–	3	–	–
Capital employed	–	–	–	–	–	197	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Greenlam Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 31 May	Mar 2023Filed 27 May	Mar 2024Filed 29 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
Revenue from operations	1,076	1,156	1,281	1,321	1,200	1,703	2,026	2,306	2,569	3,046
	938	1,007	1,122	1,142	1,026	1,516	1,793	2,012	2,295	2,721
Materials and goods bought	567	598	688	670	602	944	1,079	1,087	1,227	1,413
Employee costs	154	–	192	222	208	259	314	426	511	616
Other expenses	217	–	242	250	217	313	400	499	557	692
Operating profit before depreciation	138	149	159	178	173	187	233	295	275	325
Operating margin	12.8%	12.9%	12.4%	13.5%	14.4%	11.0%	11.5%	12.8%	10.7%	10.7%
Materials, % of revenue	52.7%	–	53.7%	50.8%	50.2%	55.4%	53.3%	47.2%	47.7%	46.4%
Employee costs, % of revenue	14.3%	–	15.0%	16.8%	17.3%	15.2%	15.5%	18.5%	19.9%	20.2%
Other expenses, % of revenue	20.2%	–	18.9%	18.9%	18.1%	18.4%	19.7%	21.6%	21.7%	22.7%
Depreciation and amortisation	37	36	37	52	56	58	63	87	114	142
Operating profit after depreciation	101	113	122	126	118	129	170	208	161	183
Other income	4	2	2	4	8	7	18	22	11	8
Finance costs	28	18	17	22	17	14	23	44	65	96
Profit before one-off items and tax	76	97	106	108	108	122	164	185	106	95
One-off items	0	0	0	0	−12	−3	0	0	0	−6
Profit before tax	76	97	106	108	96	119	164	185	106	89
	26	32	29	22	22	29	36	47	38	33
Current tax	–	34	29	27	24	33	36	50	47	51
Deferred tax	–	−2	0	−5	−2	−4	1	−3	−9	−17
	50	65	77	87	74	91	128	138	68	56
Belonging to the company's shareholders	50	65	77	87	74	91	128	138	70	56
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	0	0	−1	0
Other comprehensive income	–	–	2	3	−1	2	5	0	2	6
Total comprehensive income	–	–	80	89	73	93	133	138	70	62
Net margin	4.6%	5.6%	6.0%	6.6%	6.1%	5.3%	6.3%	6.0%	2.7%	1.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 Jun	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 31 May	Mar 2023Filed 27 May	Mar 2024Filed 29 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
	429	501	574	655	969	1,077	1,125	1,179
	428	501	573	654	969	1,077	1,127	1,179
Share capital	12	12	12	12	13	13	26	26
Reserves	416	489	561	642	956	1,064	1,101	1,154
Belonging to outside owners of subsidiaries	0	0	0	1	0	0	−2	0
	232	259	223	345	570	999	1,075	1,047
Repayable after a year	73	82	84	158	352	647	731	707
Repayable within a year	159	177	140	187	217	352	344	339
	383	433	444	506	662	896	932	1,014
Trade payables	167	174	223	256	270	348	415	507
Other financial liabilities	39	60	53	32	43	138	113	95
Other liabilities	14	19	26	26	125	49	53	64
Provisions	2	2	2	3	4	5	5	6
Tax owed	1	1	0	2	3	4	2	2
	113	181	160	224	422	763	851	811
Other financial liabilities	4	53	48	40	44	87	95	80
Provisions	16	21	10	9	9	13	18	19
Deferred tax	20	24	19	17	16	16	7	5
Total assets	925	1,114	1,178	1,384	2,053	2,736	2,909	3,004
	380	466	496	528	1,043	1,652	1,816	1,769
Plant in use, after depreciation	326	418	402	457	503	973	1,737	1,585
Plant being built	22	15	17	8	380	611	28	9
Intangible assets	4	7	8	7	11	10	7	5
Goodwill	1	3	3	3	3	4	3	4
Intangible assets being developed	–	2	1	2	0	0	0	1
Property held to earn rent	–	–	0	0	0	0	2	2
Investments	0	0	0	0	0	0	0	1
Loans given	8	6	3	0	0	0	0	0
Other financial assets	20	–	6	0	5	9	17	132
Deferred tax	–	10	0	8	6	10	10	25
Trade receivables	–	1	1	1	1	1	1	0
Other assets	–	3	55	42	134	36	10	6
	545	649	682	856	1,009	1,083	1,093	1,235
Inventories	308	371	378	503	513	609	665	764
Trade receivables	177	138	135	129	143	151	157	219
Cash and cash equivalents	7	30	19	16	16	33	43	64
Other bank balances	4	0	0	0	0	0	0	0
Current investments	0	0	106	161	242	147	56	51
Loans given	1	1	1	1	1	1	1	1
Other financial assets	–	–	0	1	1	2	2	2
Tax paid in advance	4	4	2	5	6	5	6	0
Other assets	46	105	41	41	87	135	165	133
Net debt	221	228	98	169	312	818	977	931

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 31 May	Mar 2023Filed 27 May	Mar 2024Filed 29 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
	213	71	175	194	205	292
	239	93	194	241	255	338
	72	−85	−32	−65	−36	−19
Receivables	29	4	−63	−62	−38	−33
Inventories	−7	−125	−10	−96	−56	−99
Payables	50	36	39	96	63	115
Other working capital	0	0	1	−3	−6	−2
Tax paid	−26	−33	−35	−47	−50	−46
Interest paid	0	14	23	0	0	0
Capital spending	50	87	472	635	268	91
Free cash flow	163	−16	−297	−442	−63	201
	−154	−136	−541	−527	−167	−80
Plant and property sold	0	2	0	2	1	3
Interest received	1	2	7	9	4	2
Dividends received	0	1	0	0	0	0
	−71	62	366	350	−28	−191
Borrowings raised	4	122	257	487	232	107
Borrowings repaid	−50	−25	−32	−58	−156	−135
Interest paid	−17	−13	−23	−42	−66	−96
Lease payments	−8	0	0	0	−18	−22
Dividends paid	0	12	14	19	21	10
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	195	0	0	0
Net change in cash	−12	−3	0	17	10	21

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Greenlam Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 31 May	Mar 2023Filed 27 May	Mar 2024Filed 29 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
	₹2.06	₹2.68	₹3.20	₹3.59	₹3.06	₹3.76	₹5.14	₹5.43	₹2.68	₹2.20
As stated that year	₹20.63	₹26.77	₹31.95	₹35.91	₹30.56	₹7.52	₹10.27	₹10.85	₹2.68	₹2.20
	₹2.06	₹2.68	₹3.20	₹3.59	₹3.06	₹3.76	₹5.14	₹5.43	₹2.68	₹2.20
As stated that year	₹20.63	₹26.77	₹31.95	₹35.91	₹30.56	₹7.52	₹10.27	₹10.85	₹2.68	₹2.20
	₹0.15	₹0.25	₹0.30	₹0.40	₹0.50	₹0.60	₹0.75	₹0.83	₹0.40	₹0.40
As declared that year	₹1.50	₹2.50	₹3.00	₹4.00	₹5.00	₹1.20	₹1.50	₹1.65	₹0.40	₹0.40
	–	–	₹17.75	₹20.74	₹23.76	₹27.11	₹38.14	₹42.22	₹44.17	₹46.23
On that year's share count	–	–	₹177.50	₹207.43	₹237.60	₹54.22	₹76.27	₹84.43	₹44.17	₹46.23
Dividend payout	7.3%	9.3%	9.4%	11.1%	16.4%	16.0%	14.8%	15.2%	14.6%	18.1%
Shareholder yield	–	–	–	–	0.0%	0.3%	−4.7%	0.3%	0.3%	0.2%
Market cap at the year end (₹ crore)	1,588	2,891	2,288	1,200	2,262	4,386	3,809	6,449	6,018	5,212

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Greenlam Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 31 May	Mar 2023Filed 27 May	Mar 2024Filed 29 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
Revenue growth	4.5%	7.4%	10.8%	3.1%	−9.2%	42.0%	18.9%	13.8%	11.4%	18.6%
Operating profit growth	–	8.0%	6.5%	12.4%	−2.8%	7.9%	24.5%	26.5%	−6.8%	18.3%
Net profit growth	32.1%	29.8%	19.3%	12.4%	−15.0%	22.9%	41.4%	7.8%	−50.5%	−18.0%
Earnings per share growth	31.5%	29.8%	19.4%	12.4%	−14.9%	23.0%	36.6%	5.6%	−50.6%	−17.9%
	–	–	18.0%	18.7%	13.7%	14.8%	15.8%	13.5%	6.3%	4.9%
	–	–	–	0.7 pts	−4.9 pts	1.0 pts	1.0 pts	−2.3 pts	−7.2 pts	−1.4 pts
From the net margin	–	–	–	1.6 pts	−1.2 pts	−1.8 pts	2.8 pts	−0.8 pts	−7.4 pts	−2.0 pts
From asset turnover	–	–	–	−1.3 pts	−3.4 pts	3.2 pts	−2.0 pts	−2.7 pts	−0.3 pts	0.6 pts
From borrowing	–	–	–	0.3 pts	−0.4 pts	−0.3 pts	0.2 pts	1.3 pts	0.5 pts	0.0 pts
Return on capital employed	–	–	18.4%	16.6%	14.8%	12.8%	11.0%	10.0%	7.3%	8.2%
Cash conversion	–	–	–	–	289.1%	78.6%	136.8%	140.3%	299.8%	521.9%
Interest cover	3.6	6.3	7.2	5.8	7.0	9.1	7.2	4.7	2.5	1.9
Debt to equity	–	–	0.54	0.52	0.39	0.53	0.59	0.93	0.96	0.89
Receivable days	–	–	50	38	41	28	26	24	22	26
Inventory days	–	–	163	202	229	195	174	204	198	197
Payable days	–	–	89	95	135	99	91	117	123	131
Cash conversion cycle, days	–	–	125	145	135	123	108	112	97	92
Working capital days	–	–	88	100	77	77	55	57	58	53
Asset turnover	–	–	1.38	1.30	1.05	1.33	1.18	0.96	0.91	1.03
Assets per rupee of net worth	–	–	2.16	2.20	2.13	2.09	2.12	2.34	2.56	2.56
Sales per rupee of plant	–	–	3.93	3.16	2.98	3.73	4.03	2.37	1.48	1.92
Capital spending to depreciation	–	–	–	–	0.90	1.49	7.47	7.29	2.35	0.65
Plant being built, % of plant in use	–	–	6.7%	3.6%	4.3%	1.6%	75.6%	62.8%	1.6%	0.5%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 1.9%
Cash from operations against operating profit: 90.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.5%	20.5%	14.6%
Profit growth, yearly rate	4.1%	−5.3%	−24.1%
Return on equity, average	–	11.1%	8.2%
Return on capital employed, average	–	9.9%	8.5%
Operating margin, average	12.3%	11.3%	11.4%
Net margin, average	5.1%	4.4%	3.5%
Asset turnover, average	–	1.08	0.97
Cash conversion cycle, days, average	–	106	100
Interest cover, average	5.5	5.1	3.0
Debt to equity, average	–	0.78	0.92

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	937	691	292
Cash from investing	−1,451	−774	−80
Cash from financing	559	131	−191
Capital spending	1,554	994	91
Dividends paid	77	50	10
Shares bought back	0	0	0
Shares issued for cash	195	0	0
Borrowings raised	1,204	826	107
Borrowings repaid	406	349	135

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	6	6	4	3	8
Altman Z-scorePublished threshold 1.81	–	–	5.43	3.59	4.49	6.11	4.25	4.08	3.70	3.56
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.67	−2.43	−0.83	−2.63	−2.98	−2.06
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.29	12.16	28.74	19.68	1.07	−5.29
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.57	1.23	1.72	2.63
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−25.10	7.21	−46.50	−8.11	−7.91	−7.98	21.03
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	23.17	12.17	−23.82	−12.30	17.86	−3.66	−0.25
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	4.44	−5.44	0.23	2.34	2.07	1.19	−1.20
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.10	0.45	0.07	3.49	1.10	0.03	–
Effective tax ratePublished threshold 17.16 per cent	34.64	33.06	27.42	20.00	23.22	23.97	21.98	25.38	35.76	37.25
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.98	0.45	−0.11	−11.01	−13.79

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
7 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-Short Term	CARE A1+Review, Re-affirm		115
7 Sep 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		35
7 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/ST	CARE AA- / CARE A1+Review, Re-affirm	Stable	317.50
7 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital Demand loan	CARE AA- / CARE A1+Review, Re-affirm	Stable	10
7 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Working Capital Demand loan	WithdrawnReview, Other
7 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-EPC/PSC	CARE A1+Review, Re-affirm		75
7 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Working Capital Limits	CARE A1+Review, Re-affirm		85
7 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AA-Review, Re-affirm	Stable	154.02
7 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AA-Review, Re-affirm	Stable	15
8 May 2026	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]AA-Review, Re-affirm	Negative	265
8 May 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		185

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.