CARE revises credit ratings of Mercator

Mercator announced that Care Ratings (CARE) has revised the Company's rating for long-term bank facilities and short-term bank facilities as below:

i. Long-term bank facilities- Long Term Loan- Revised from ''D'' TO ''D ISSUER NOT COOPERATING''

ii. Long-term bank facilities- Cash Credit revised from ''D'' TO ''D ISSUER NOT COOPERATING''

iii. Long-term bank facilities- Letter of Credit revised from ''D'' TO ''D ISSUER NOT COOPERATING''

iv. Short-term bank facilities- Revised ''D'' TO ''D ISSUER NOT COOPERATING''

As per CARE, "Mercator has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The rating on Mercator's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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