From ICRA
SRS announced that ICRA has revised its ratings to the Bank Facilities of the Company retaining the rating assigned to Fixed Deposit programme as under:
1. Long Term rating for Line of Credit (LOC) - from BBB+ to BBB
2. Short Term rating for Line of Credit (LOC) - from A2 to A3
3. Fixed Deposit - MA-
The said rating for debt facilities has been changed with negative outlook also because of long tenure of debtors. As per ICRA, there is deterioration in the ageing profile of receivables of the Company. Although, the Company has not accepted such revision in rating.
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