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ICRA has downgraded the long-term rating of McLeod Russel India Limited (MRIL) to D from B- (minus) and the short-term rating has also been downgraded to D from A4. The rating downgrade comes on the back of the recent delays by the company in meeting debt obligations.
The ratings continue to remain in the ‘issuer not cooperating’ category owing to non-submission of no default declaration, ICRA said.
“ICRA has downgraded the ratings on the ₹1,031.09 crore fund-based and non-fund based bank facilities of MRIL to [ICRA]D from [ICRA]B-(Negative}/[ICRA]A4,” the company said in notification to stock exchanges on Wednesday.
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