Ind-Ra takes off Rating Watch Negative from Chalet Hotels credit rating

Negative Outlook reflects occupancies not reaching to normal levels amid concerns on further lockdowns due to the extended impact of the COVID-19 pandemic.

Jul 02, 2021 10:07 IST India Infoline News Service

IT Stocks Up
India Ratings & Research Private Limited (Ind-Ra) has taken off ‘RWN (Rating Watch Negative)’ from Chalet Hotels Limited's credit rating. The rating on term loans and fund-based working capital limits is changed from IND BBB+ / RWN to IND BBB+ / Negative. The rating on non-fund-based working capital limits is changed from IND A2+ / RWN to IND A2+.

“As per the intimation received, the resolution of RWN reflects the management’s ability to reduce overhead cost in a timely manner, as reflected in the marginal improvement in company’s performance and successful refinancing of debt. The Negative Outlook reflects occupancies not reaching to normal levels amid concerns on further lockdowns due to the extended impact of COVID-19 pandemic,” company said in a filing on Thursday.

At around 10.06 am, Chalet Hotels Ltd was trading at Rs177.10 per piece up by Rs0.55 or 0.31% from its previous closing of Rs176.55 per piece on the BSE.

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