S&P Global revises credit rating on Future Retail’s Notes; Stock trades flat

The Rating agency has lowered the long-term issuer credit rating to 'SD' from 'CCC-'. However, the long-term issue rating on the USD denominated Notes remains unchanged at 'CCC-'.

Apr 30, 2021 11:04 IST India Infoline News Service

Future Retail Limited informed the exchanges Thursday that the company has received intimation through e-mail on April 29, 2021, from S&P Global Inc. in connection with the revision of credit rating. 

On the rating instrument USD denominated Notes (listed on SGX) the Rating agency has lowered the long-term issuer credit rating to 'SD' from 'CCC-'. However, the long-term issue rating on the USD denominated Notes remains unchanged at 'CCC-'.

“Due to implementation of a One-time Restructuring plan (OTR) by the company under the resolution framework for Covid-related stress provided by the Reserve Bank of India,” company shared S&P Global reason behind the revision in rating.

At around 11.49 am, Future Retail Ltd was trading at Rs51.45 per piece up Rs0.20 or 0.39% from its previous closing of Rs51.25 per piece on the BSE.

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