Further, it has downgraded the rating of Short Term Bank Facilities from CARE A1+ (A One Plus) to CARE A1 (A One), thereby giving the rationale for such downgrade.
The revision in Short Term Bank Facilities rating is on account of high working capital intensity of operations which is likely to remain high amidst heightened execution challenges due to Covid-19 pandemic along with continued funding requirement for Company's underperforming operational toll projects.
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