ICRA downgrades credit rating on TajGVK loan facilities to ICRA BBB+; stock down 2%

ICRA has downgraded credit rating for Rs190.46cr Line of Credit of TajGVK Hotels & Resorts Limited. The Long-term rating on loan facilities (Rs160.46cr) has been downgraded to ICRA BBB+ while rating on short-term loan facilities (Rs30cr) has been downgraded to ICRA A2 from ICRA A2+.

“Based on a review of the latest developments, the Rating Committee of ICRA, after due consideration has downgraded the long-term rating on the Rs190.46cr LOC to ICRA BBB+ from ICRA A-.

The rating committee has also revised the short-term rating on the aforementioned LOC of company to ICRA A2 from ICRA A2+. The outlook on the long-term rating continues to be Negative. The aforesaid ratings will be due for surveillance any-time before June 26, 2021,” company said in a regulatory filing on Friday.