S&P lowers Jain Irrigation's ratings to 'D' for missing interest payments

Global rating agency Standard and Poor’s has downgraded ratings for Jain Irrigation Systems Ltd to 'D' — default grade on missing to make interest payment on securities issued by its subsidiary. 

The company failed to make the interest payment on its guaranteed 2022 senior unsecured notes issued by its subsidiary Jain International Trading BV. 

The interest payment was due on February 1, 2020, and the 30-day grace period ended on March 3, 2020, S&P said in a statement.

Jain Irrigation's Indian operations are undergoing a debt-restructuring process initiated by a consortium of Indian banks as part of the inter-creditor agreement.