Crisil has downgraded the non-convertible bonds and deep discount bonds of Sardar Sarovar Narmada Nigam.
The credit rating agency downgraded the Rs 375-crore non-convertible bonds from A+(SO) to A(SO), Rs 302 crore non-convertible bonds from A+(SO) to A (SO), Rs 270 crore non-convertible bonds from A+(SO) to A(SO) and Rs 277 crore deep discount bonds from A+(SO) to A(SO). Crisil said the rating is based on the credit enhancement provided by the Government of Gujarat (GoG) in the form of the adaptable agreement between GoG, SSNML and the trustees to the bond holders to ensure timely payment of interest and principal to investors.