Icra downgrades Piramal holding firm's debt rating, cites liquidity crunch

The downgrade comes at a time when group flagship Piramal Enterprises is planning a rights issue worth Rs 3,650 crore

The ratings of debt raised by AASAN Corporate Solutions (ACSPL), a Ajay Piramal group firm, was downgraded on Friday by Moody’s India affiliate ICRA, citing tight liquidity conditions faced by the company. 
 
In a statement, ICRA said the revision in the rating to “A-(CE) (Negative)” from “A+(CE) (Negative)” for the non-convertible debenture (NCD) programme worth Rs 1,900 crore of ACSPL is mainly because of deterioration in the operating environment owing to tight liquidity in the market, which may diminish the resource mobilisation ability of the holding, investment entities to raise funds from the market. ICRA has rated Rs 2,850