RKEC Projects Limited has informed the Exchange about Credit Rating- Revision
RKEC · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
RKEC Projects Limited's credit rating has been sharply downgraded by Infomerics Valuation and Rating Pvt Ltd. The previous rating of IVR BBB (investment grade, moderate risk) with Rating Watch Developing Implications has been revised to IVR D, which is the lowest rating and indicates the company is in default or expected to default soon. The downgrade covers Long Term Bank Facilities of Rs. 359.75 crore and Proposed Long Term Bank Facilities of Rs. 129.75 crore, totaling Rs. 489.50 crore. Lenders involved include ICICI Bank, Bank of Baroda, Bandhan Bank, and CSB Bank. The rating action states the rating was 'removed from Watch and Downgraded,' suggesting the prior concerns have now materialized into default-level conditions.
This is an extremely negative development for shareholders. A drop to IVR D (default) rating suggests the company is likely unable to meet its debt obligations, which could trigger serious financial distress, potential loan recalls, and major damage to the stock price. Existing investors should exercise extreme caution as the company faces significant solvency concerns.