Please find enclosed the credit rating issued by India Ratings and Research Private Limited.
JETFREIGHT · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
India Ratings & Research has assigned a credit rating of IND BB+/Negative (Issuer Not Cooperating) to Jet Freight Logistics Limited's bank facilities worth INR 450 million. The rating outlook was revised to Negative and the rating was migrated to non-cooperating category because the company failed to submit monthly No Default Statements for 3 consecutive months despite repeated requests. This indicates weak governance and possible credit profile distress. The company is in the process of withdrawing this rating and already has ratings from another agency (Infomerics). The BB+ rating is below investment grade (junk status).
This is a negative development for shareholders as the Negative Outlook indicates likely further downgrade. The company's non-cooperation with the rating agency raises red flags about its financial health and governance practices. Investors should exercise caution and monitor for further disclosures.