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CRISIL has assigned a BBB-/Negative rating to Niyogin Fintech's proposed Rs. 50 crore Non-Convertible Debentures. The existing long-term bank facilities of Rs. 50 crore were reaffirmed at BBB-/Negative, while short-term bank facilities received a new A3 rating. The bank-wise split includes Rs. 48.32 crore as a proposed long-term bank loan and Rs. 1.68 crore as a short-term loan from IndusInd Bank. All ratings carry a Negative outlook, meaning CRISIL sees a possibility of a future downgrade. The company must draw down the proposed facilities within 180 days or seek a fresh rating revalidation.
The Negative outlook on the BBB- rating signals that CRISIL sees meaningful risks in the company's credit profile and a possible downgrade ahead, which is mildly negative for shareholders. On the positive side, the reaffirmation (not a downgrade) and successful assignment of ratings for new NCDs and bank facilities show the company is still able to access fresh credit lines.