CARE revises credit ratings of Future Retail: Reaffirms Future Enterprises ratings; Stocks under pressure

3 Jan 2022 , 09:40 AM

CARE Ratings Limited has revised ratings for credit facilities of Future Retail Limited. The rating of Non-Convertible Debentures has been revised to CARE D from CARE B and removed from credit watch with Negative Implications.

For Long Term Bank Facilities CARE D has been revised from CARE B and removed from credit watch with Negative Implications. On Short Term Bank Facilities CARE D has been revised from CARE B and removed from credit watch with Negative Implications.

“The said changes factors delay in servicing of principal repayment due on loans on December 31, 2021,” company said in a filing on Saturday.

CARE has also reaffirmed the credit rating of Future Enterprises Limited. The rating on Non-Convertible Debentures (Series (XVI – A to XVI – F, XIX – A & XIX – B, XXII – A & XXII – B, XXIII, XXV – A & XXV – B) has been reaffirmed at CARE D.

For Non-Convertible Debentures (Series XIV – A, XIV – B, XIV – D and XIV – E) CARE C (CWD -Under Credit watch with Developing Implications) has been reaffirmed.

The credit rating agency also reaffirmed rating on long-term bank facilities CARE C (CWD), short-term bank facilities CARE A4 (CWD) and Fixed Deposit CARE C (FD) (CWD).

At around 9.44 am, Future Retail Ltd was trading at Rs50 per piece down by Rs0.9 or 1.77% from its previous closing of Rs50.90 per piece on the BSE. Future Enterprises Ltd is currently trading at Rs9.50 per piece down by Rs0.2 or 2.06% from its previous closing of Rs9.70 per piece on the BSE.