Shankara Building Products Limited has informed the Exchange about Credit Rating
SHANKARA · price
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Awaiting price reaction for this filing.
CRISIL has downgraded the credit ratings of Shankara Building Products Limited on its total bank loan facilities of Rs. 595 crore. The long-term rating has been cut from CRISIL BBB+ to CRISIL BBB with a stable outlook, while the short-term rating has been lowered from CRISIL A2 to CRISIL A3+. The company has also been removed from the 'Rating Watch with Developing Implications' status. Bank-wise details show cash credit facilities spread across YES Bank, Citibank, Kotak, ICICI, HDFC, IDFC First, Standard Chartered, IndusInd, and Federal Bank, along with letter of credit facilities from South Indian Bank and HDFC Bank.
This is a negative development for shareholders. A rating downgrade typically signals higher credit risk, may lead to increased borrowing costs, and could weigh on the stock price in the short term. Investors should monitor the company's financial performance closely to see if the stable outlook holds.