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India Ratings & Research (Ind-Ra) has downgraded the fund- and non-fund-based limits and term loans of Texmaco Rail & Engineering.
The agency has lowered Texmaco's long-term issuer rating to IND A from IND AA-, and has simultaneously placed it on Rating Watch Negative (RWN), the company said in a notification to the stock exchanges on Monday.
The downgrade reflects the company’s continued negative free cash flow, rising net debt and weaker-than-previously-expected credit metrics, the agency said.
However, Texmaco said it has received an enhancement of around ₹205 crore on its working capital limits, of which some portion has already been tied up and some are at an advance stage.
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