Future Enterprises hits upper circuit after CARE reaffirms/revises its credit ratings

30 Mar 2022 , 11:05 AM

CARE Ratings Limited has reaffirmed/ revision in the credit rating of various instruments of Future Enterprises Limited. On Non-Convertible Debentures (Series (XVI – A to XVI – F, XIX – A & XIX – B, XXII – A & XXII – B, XXIII, XXV – A & XXV – B) CARE D rating has been reaffirmed. For Non-Convertible Debentures (Series XIV – A, XIV – B, XIV – D and XIV – E) CARE D rating has been revised from CARE C and removed from Credit watch with Developing Implications.

The credit rating agency has also revised the long-term rating on bank facilities of the company to CARE D from CARE C and removed from Credit watch with Developing Implications. For short-term bank facilities CARE D rating has been revised from CARE A4 and removed from Credit watch with Developing Implications.

The rating on Fixed Deposit CARE D (FD) is revised from CARE C (FD) and removed from Credit watch with Developing Implications.

The company also clarified Brickwork Ratings India Private Limited, Credit Rating Agency vide their letter dated March 26, 2022, had only “Re-Affirmed” and not “Revised” the credit rating for Non-Convertible Debentures (Series XX – A to XX – C) at BWR D.

At around 11.09 am, Future Enterprises Ltd was trading at Rs6.17 apiece up by Rs0.56 or 9.98% (10% upper circuit) from its previous closing of Rs5.61 apiece on the BSE.