Care Ratings has downgraded Future Retail over its non-payment of instruments/facilities, the company informed exchanges on Sunday.
The said changes factors delay in servicing of principal repayment of loans worth Rs 3,494.56 crore due on 31st December, 2021.
Future Retail informed the exchanges, on January 1, that due to ongoing litigations with Amazon.com NV Investment Holdings, it was unable to complete the certain planned monetisation on due date, resulting in the downgrade by the ratings agency.
“As discussed with the banks/lenders, the company would be co-operating for completing the monetisation of the specified business within next 30 days as per directions of the banks to resolve the current situation”, Future Retail said in an exchange filing.
Future Retail’s non-convertible debentures, long term bank facilities and short term bank facilities were downgraded to “CARE D” from “CARE B” and removed from credit watch with negative implications.
Future didn’t immediately respond for comments on the story.
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