Intimation of Credit Rating obtained from Bank Loan & Fixed Deposits facilities
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Awaiting price reaction for this filing.
Sambandam Spinning Mills has received a credit rating downgrade from Infomerics Valuation and Ratings for all its facilities. Long-term bank facilities of Rs. 94.32 crore were revised from IVR BB+/Stable to IVR BB/Stable. Short-term bank facilities of Rs. 9.25 crore were revised from IVR A4+ to IVR A4. Fixed deposits of Rs. 12 crore were also revised from IVR BB+/Stable to IVR BB/Stable. The total rated facilities amount to Rs. 103.57 crore. The outlook remains Stable in all cases despite the downgrade.
This is a negative signal for shareholders and fixed deposit holders, as the downgrade indicates increased credit risk. The company may face higher borrowing costs going forward, and existing fixed deposit holders should be aware of slightly elevated risk on their deposits.