From Brickwork Ratings
Peninsula Land has received a downward revision in the Company's Credit Rating for NCDs (Rs 90 crore) to BWR BBB- from Brickwork Ratings.The rating agency has stated that the downward revision in the rating, is on account of sluggish demand in real estate sector and relatively slow bookings and funding risks associated with the Company's ongoing projects. There is a slowdown in the sale and collection of the ongoing projects due to weak economic environment and delay in obtaining OC (Occupancy Certificate) in one of projects.
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