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Awaiting price reaction for this filing.
Brickwork Ratings has downgraded Transcorp International's credit rating to BWR BB/Stable for both its fund-based bank loan facilities of Rs. 10 crore and fixed deposits of Rs. 0.37 crore. The non-fund-based facility rating has been withdrawn. The company has formally disagreed with the revised ratings, stating they do not adequately reflect its financial performance and recent strategic developments, and has escalated the matter to the Credit Rating Agency's Grievance Redressal Committee. The company is a Delhi-based firm with operations primarily based in Jaipur.
A downgrade to BWR BB (a speculative/non-investment grade) may raise borrowing costs and dent investor confidence, though the company is actively contesting the rating. Existing fixed deposit holders should take note of the revised rating, and shareholders should monitor the outcome of the grievance process.