S&P downgrades Future Retail to 'D' after company fails to clear dues

Standard and Poor's (S&P) has lowered Future Retail Ltd's long-term issuer credit rating from "CCC-" to "D" after the company failed to repay dues.

Future Retail Ltd failed to make the principal payments due on its restructured domestic bank borrowings on December 31, 2021. The 30-day review period (grace period to pay) allowed by India's central bank has ended, S&P said in a statement.

A principal repayment of about Rs 3,500 crore was due on December 31, 2021, on the company's bank borrowings as part of a one-time restructuring plan implemented by the onshore lenders in April 2021. The company