Brickwork Ratings has downgraded the ratings of the bank loan facilities of Cox and Kings Financial Service Ltd aggregating Rs 400 crore, to default grade 'D', the company said in a stock exchange filing. The bank loan facility was availed from YES Bank.
The previous rating on the long-term cash credit and short-term bank guarantee were 'C' and 'A4', respectively. Both the ratings were tagged 'issuer not co-operating', according to a statement by the credit rating agency.