Care downgrades Cox and Kings rating to default grade
Mumbai: Rating woes continued for Cox and Kings, as Care Ratings on Thursday downgraded the tour operators rating to default grade, as it grappled with a cash crunch to service its debt and other obligations.
In an evening release, Cox and Kings said the ratings agency has downgraded issuer rating on Rs 1,750 crore long-term facilities and Rs 1,685 crore commercial paper to D, while it reaffirmed the companys Rs 250 crore non-convertible debenture issue, and Rs 375 crore commercial papers at D or default rating.
On Wednesday, Cox & Kings defaulted on commercial paper of Rs 125 crore, a third default of the company in the past fortnight, totaling Rs 325 crore.
Shares of Cox & Kings were locked in lower circuit for 12th straight session, down 5 per cent atRead More – Source