 "Brickwork downgrades Coffee Day affiliate's bonds from \"BBB-\" to 'D'")
Brickwork Ratings has downgraded debentures of Tanglin Developments (TDL), a unit of Coffee Day Enterprises, to “D (CE)” from “BBB-” for defaulting on coupon payment due to its significantly deteriorated liquidity. Earlier, the rating agency had placed instrument on credit watch with negative implications.
The rating for non-convertible debentures (NCDs) is based on credit enhancement by way of pledge of shares of Coffee Day Enterprises (holding company of TDL), Sical Logistics, a step-down subsidiary of CDEL, and Coffee Day Global, a subsidiary of CDEL.
In addition, the NCDs are secured by corporate guarantees of Tanglin Retail Realty Developers (subsidiary of Tanglin Developments) and CDEL (earlier, personal guarantee of Late Mr V G Siddhartha, founder of group, was also stipulated).
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%