TAJGVK Hotels and Resorts on Monday said domestic rating agency ICRA has downgraded the credit ratings of its long-term loans and short-term credit facilities on account of revenue and margin decline in the current fiscal due to the COVID-19 pandemic.
In a regulatory filing, the firm said has received a letter from ICRA informing it of the "downgrade in the credit rating of the company's long-term loans (aggregating to Rs 165.63 crore) to ICRA A- from ICRA A and short-term credit facilities (aggregating to Rs 30 crore) to ICRA A2+ from ICRA A1".
The revision for rating is on account of expected sharp revenue and margin decline expected for financial year 2020-21 due to steep demand drop owing to the pandemic, the company added.
Shares of TAJGVK Hotels and Resorts were trading 3.46 per cent higher at Rs 125.70 apiece on BSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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