Fortis Healthcare informed that ICRA has upgraded the company's long-term rating to [ICRA] A- from [ICRA] BBB+ and the short term rating to [ICRA] A1 from [ICRA] A2.
ICRA has also upgraded Fortis Hospitals (company's subsidiary) long-term rating to [ICRA] 'A-' from [ICRA] 'BBB+'. Further, the short-term rating of the company's subsidiary has been upgraded to [ICRA] 'A1' from [ICRA] 'A2'.
The ratings agency has place the above ratings on watch with developing implications.
Fortis Healthcare is a healthcare services company. It, along with its subsidiaries, now has 26 healthcare facilities, potential bed capacity of approximately 9000 beds. Further, through its subsidiary, SRL, the company operates over 400 diagnostic laboratories in the country.
Shares of healthcare services provider ended 1.55% lower at Rs 126.90 on Monday, 30 March 2020. In three sessions, the stock has lost 3.68% from its recent closing high of Rs 131.75 recorded on 25 March 2020.
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