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Ind-Ra downgrades Patel Integrated Logistics long-term issuer rating to ‘IND BBB-’ with 'Stable' outlook

Short term non fund based borrowings from the banks has been downgraded to IND A3.

March 10, 2021 10:00 IST | India Infoline News Service
India Ratings and Research (Ind-Ra) has downgraded Patel Integrated Logistics Limited’s (PILL) Long-Term Issuer Rating to ‘IND BBB-’ from ‘IND BBB’. The Outlook is Stable.

Short term non fund based borrowings from the banks has been downgraded to IND A3.

‘IND tA-’ (outlook revised to stable from negative) for its Fixed Deposit Programme.

The downgrade reflects the breaching of Ind-Ra’s negative rating guideline, with PILL’s gross interest coverage falling below 2.5x in 9MFY21.

Ind-Ra believes the recovery of PILL’s EBITDA would depend on an improvement in the company’s pricing with the airline companies. While the agency expects the EBITDA to improve in FY22, backed by a recovery in overall airline operations, the sufficiency of EBITDA to help bolster the gross interest coverage above 2x will be a key monitorable.   

At around 10:15 AM, Patel Integrated Logistics was trading at Rs23.25 apiece down by Rs0.25 or 1.06% from its previous closing of Rs23.50 apiece on the BSE.

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