ICRA downgrades McLeod Russel India's credit rating to default

ICRA has downgraded tea producing company McLeod Russel India's credit rating to default for borrowings worth Rs 1,031.09 crore.

"The rating committee of lCRA after due consideration of the latest developments has revised the long-term rating from ICRA B minus to ICRA D. The short-term rating has also been revised from ICRA A four to ICRA D," according to a statement.

The ratings continue to remain on the 'issuer not cooperating' category. The ratings will be due for surveillance any time before July 31, ICRA said.

"lCRA reserves the right to review and/or, revise the above rating at any time on the basis of new information or unavailability of information or such other circumstances, which ICRA believes, may have an impact on the rating assigned to you."

Many debt-laden have faced downgrades and defaults by rating agencies in recent weeks.

On Tuesday, Care assigned a 'D' or default rating to Reliance Home Finance's Rs 400 crore non-convertible debentures.

Last week, DHFL defaulted on unsecured commercial papers worth Rs 225 crore and Cox & Kings failed to meet debt obligations on maturing commercial papers.