Ind-Ra puts PVR's Long-Term Issuer Rating on Rating Watch Evolving; stock slips ~1%

8 Apr 2022 , 03:10 PM

India Ratings and Research (Ind-Ra) has placed PVR Limited’s (PVR) Long-Term Issuer Rating of ‘IND AA-’ on Rating Watch Evolving (RWE). The Outlook was Negative.

The company’s Principal protected market-linked debentures (PPMLDs)* worth Rs2500 million were assigned IND PP-MLD AAemr/RWE.

Its’ fund-based facility worth Rs650 million was assigned at IND AA-/RWE/IND A1+/RWE.

Both the facilities are placed on RWE by the rating agency.

PP-MLD refers to full principal protection in the equity-linked notes wherein the issuer is obligated to pay the full principal upon maturity. The suffix ‘emr’ denotes the exclusion of the embedded market risk from the rating.

Ind-Ra continues to take a consolidated view of PVR and its subsidiaries while arriving at the rating, due to the close strategic and operational linkages among them.

PVR is currently trading at Rs1,881.65 down by Rs11.65 or 0.62% from its previous closing of Rs1,893.30 on the BSE. So far in the day, it hit intraday high and low of Rs1,914.35 and Rs1,878.10 respectively.