The rating on Commercial Paper is revised on October 28, 2020 to ACUITE D from ACUITE A4. Liquidity of the group has been impacted on account of Covid-19. Non-Convertible Debentures (NCDs) (Proposed) ‘ACUITE D’ from ‘ACUITE C’
“The prolonged impact of Covid-19 has led to multiple defaults by Group Company and hence the credit rating has been downgraded (#),” company shared reasoning in a regulatory filing.
The ratings of Care Ratings Limited issued on October 29, 2020 on Non-Convertible Debenture Issue revised CARE B from CARE BB+.
“Disruption in operations due to Covid-19 pandemic which could impact the business risk profile resulting in lower operating cash flow,” it reasoned.