Credit Rating Agency CRISIL Limited has downgraded long-term bank facilities and NCDs of
Future Lifestyle Fashions Limited to CRISIL B from CRISIL BB, while keeping rating watch with negative implications unchanged due to delay in servicing of interest and principal due on November 9, on the company’s NCDs.
“CRISIL Limited vide its letter dated November 10, 2020 received by the company on November 12, 2020, have revised downward the credit ratings assigned to the company’s credit facilities,” the company said in a regulatory filing on Thursday.
Long Term Bank Facilities has got CRISIL B rating and continues on ‘Rating Watch with Negative Implications. Rating was revised from CRISIL BB. The company’s Short Term Bank Facilities has received CRISIL A4 rating and continues on ‘Rating Watch with Negative Implications. The Rating was revised from CRISIL A4+.
On the instrument of rating Non-Convertible Debentures (NCDs) the company has got CRISIL B rating along with Rating Watch and Negative Implications. The rating has been revised from CRISIL BB.
“CRISIL has downgraded the ratings from CRISIL BB / CRISIL A4+ to CRISIL B / CRISIL A4 along with continuation on 'Rating Watch with Negative Implications' on account of delay in servicing of interest and principal due (subsequent to exercise of put option) on November 9, 2020 on the company’s Non Convertible Debentures (NCD),” company shared the rationale of rating given by CRISIL.
At around 11.04 am, Future Lifestyle Fashions Ltd was trading at Rs74.05 per piece down by Rs0.15 or 0.2% from its previous closing of Rs74.20 per piece on the BSE.