Brickwork downgrades outstanding ratings of Shristi Infrastructure Development

Brickwork Ratings has downgraded the ratings of the Secured Non Convertible Debentures of Rs145cr from BWR BB (Credit watch with negative implications) to BWR C.

Apr 26, 2021 12:04 IST India Infoline News Service

Brickwork Ratings downgrades the ratings of the Non-Convertible Debentures of Shristi Infrastructure Development Corporation Ltd

Further, Brickwork Ratings has downgraded the ratings of the Secured Non Convertible Debentures of Rs145cr from BWR BB (Credit watch with negative implications) to BWR C.

The ratings of the long term and short term bank loan facilities aggregating Rs232.38cr downgrades from BWR BB (Credit watch with negative implications)/BWR A4+ to BWR D.

The revision in rating of the bank loan facilities of the company has factored in the latest feedback from one of its bankers advising that there have been delays in servicing of loan accounts of the company.

The revision in rating of the Secured Non Convertible Debentures for Rs145cr of SIDCL to BWR C takes into account the cross default of the company on its bank loan facilities, along with its weak financials, although as per feedback received from the Debenture Trustees, SIDCL has been regular in servicing its obligations under the NCDs.

At around 12:42 PM, Shristi Infrastructure Development was trading at Rs65.00 apiece down by Rs0.70 or 1.07% on the BSE.

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