Alongside, the agency has also downgraded ABG Shipyard's long-term issuer rating to 'IND D', it said today.
The downgrade reflects ABG Shipyard's delays in repayments pertaining to the Rs 200 crore non-convertible debenture programme, said the agency.
Also Read
The rating action has been triggered by the fact that the due date for redemption of the NCDs has expired and there is still part principal amount outstanding as on date. The NCD issue is the only debt instrument of the company rated by the agency, said India Ratings.
ABG Shipyard had been experiencing tight liquidity for the past year, triggered by delays in receiving milestone linked payments from clients.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
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%