CRISIL has downgraded credit ratings of
Future Lifestyle Fashions Limited to CRISIL C on long-term bank facilities. The rating has been revised from CRISIL B and continues on rating watch with negative implications.
The rating on short-term bank facilities has been reaffirmed at CRISIL A4 and continues on rating watch with negative implications. The rating on Non-Convertible Debentures (NCDs) has been revised to CRISIL D from CRISIL B and continues on rating watch with negative implications.
“CRISIL has downgraded the ratings from CRISIL B to CRISIL C/ CRISIL D along with continuation on ‘Rating Watch with Negative Implications’ on account of non-payment of interest and principal due (subsequent to exercise of put option) on November 9, 2020 on the company’s Non-Convertible Debentures (NCDs) bearing ISIN INE452O07047 and sharply reduced likelihood of refinancing of these NCDs or extension of their due date,” the company shared in a regulatory filing on Wednesday.
At around 9.59 am, Future Lifestyle Fashions Ltd was trading at Rs76.40 per piece up by Rs0.15 or 0.2% from its previous closing of Rs76.25 per piece on the BSE.