CRISIL downgrades Ovobel Foods long-term rating to BB
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CRISIL revised Ovobel Foods' long-term credit rating on bank loan facilities of Rs. 29.90 crore from CRISIL BB plus/Stable to CRISIL BB/Stable, tagged as Issuer Not Cooperating due to lack of adequate information from management. Short-term rating CRISIL A4 plus remains unchanged. The company is disputing the revision and has begun the rating withdrawal process, stating CRISIL did not fairly consider current performance. Ovobel processes and exports frozen whole eggs, yolk and albumen powder used in bakery, pasta and baby food.
Long-term rating downgrade may raise borrowing costs. Company is contesting the action and seeking withdrawal of the CRISIL rating.