S-;P Global assigns long-term issuer credit rating of Future Retail to 'SD' from 'CCC-'

3 Feb 2022 , 03:38 PM

S&P Global has assigned credit ratings to Future Retail Limited credit facilities. The credit rating agency has assigned the long-term issuer credit rating i.e. of the Company to ‘SD’ from ‘CCC-‘.

“Credit Ratings assigned as the Company failed to repay the principal on its onshore debt, even within the review period allowed by Reserve Bank of India, which was originally due on 31st December 2021 as part obligations under One Time Restructuring Plan implemented in April 2021,” company said in a filing on Wednesday.

It also affirmed the long-term issue rating on the USD denominated Notes and remains unchanged at ‘CCC-‘.

“Affirmed the issue rating of USD denominated Notes with expectations that Company will service the semi-annual coupon (originally due on January 24, 2022) during the 30-day grace period – in line with past trends,” company said.

Future Retail Ltd stock trade on Thursday ended at Rs48.20 per share down by Rs1.5 or 3.02% from its previous closing of Rs49.70 per share on the BSE.