Dreamfolks Services Limited has informed the Exchange about withdrawal of Crisil rating at the Company's request
DREAMFOLKS · price
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Dreamfolks Services Limited has voluntarily withdrawn the credit ratings on its Rs. 145 crore bank facilities from Crisil Ratings. The withdrawal was requested by the company citing adequate internal accruals and liquidity to manage operations, along with ongoing discussions with bankers to rationalise working capital limits. Prior to withdrawal, the ratings had been downgraded to Crisil BB+/Watch Developing (long term) and Crisil A4+/Watch Developing (short term), from their previous levels of BBB-/Stable and A3 respectively. The facilities were spread across IDFC Bank (Rs. 55 crore), ICICI Bank (Rs. 40 crore), and DBS Bank (Rs. 50 crore). Crisil withdrew the ratings based on the company's request and no-objection certificate from the bankers.
The voluntary withdrawal of ratings, especially following a downgrade and placement on watch, could signal the company wants to avoid continued negative credit visibility. While the company cites strong liquidity, shareholders should monitor whether this indicates shifting debt management strategy or potential tightening of banking relationships.