3 Jan 2022 , 09:49 AM
CARE Ratings Limited has revised ratings for credit facilities of Future Retail Limited. The rating of Non-Convertible Debentures has been revised to CARE D from CARE B and removed from credit watch with Negative Implications.
For Long Term Bank Facilities CARE D has been revised from CARE B and removed from credit watch with Negative Implications. On Short Term Bank Facilities CARE D has been revised from CARE B and removed from credit watch with Negative Implications.
“The said changes factors delay in servicing of principal repayment due on loans on December 31, 2021,” company said in a filing on Saturday.
CARE has also reaffirmed the credit rating of Future Enterprises Limited. The rating on Non-Convertible Debentures (Series (XVI - A to XVI - F, XIX - A & XIX - B, XXII - A & XXII - B, XXIII, XXV - A & XXV - B) has been reaffirmed at CARE D.
For Non-Convertible Debentures (Series XIV - A, XIV - B, XIV - D and XIV - E) CARE C (CWD -Under Credit watch with Developing Implications) has been reaffirmed.
The credit rating agency also reaffirmed rating on long-term bank facilities CARE C (CWD), short-term bank facilities CARE A4 (CWD) and Fixed Deposit CARE C (FD) (CWD).
At around 9.44 am, Future Retail Ltd was trading at Rs50 per piece down by Rs0.9 or 1.77% from its previous closing of Rs50.90 per piece on the BSE. Future Enterprises Ltd is currently trading at Rs9.50 per piece down by Rs0.2 or 2.06% from its previous closing of Rs9.70 per piece on the BSE.
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