Brickwork Ratings India Pvt Ltd., in their review has downgraded the ratings of the Bank loan facilities worth Rs8305cr (previously Rs8428cr) of the BGR Energy Systems Limited.
The long-term rating on fund based Rs2911cr (previously Rs2988cr) instrument has been revised to BWR BBB (Negative) from BWR BBB (Stable) in September 2020. The rating on short-term non-fund based Rs5394cr (previously Rs5440cr) has been revised to BWR A3+ from BWR A3.
Meanwhile the Exchange has sought clarification from BGR Energy Systems Limited with respect to announcement dated March 4, 2021, regarding change in Credit Rating. On basis of above the company is required to clarify following: 1. In case of downward rating, the disclosure may include reasons published by rating agency for such downward rating. The response of the company is awaited.
At around 10.03 am, BGR Energy Systems was trading at Rs47.40 per piece up by Rs0.4 or 0.85% on the BSE.