Fortis Healthcare Thursday said ratings agency ICRA has upgraded its long-term credit rating as it has repaid the overdue debt obligations and cured the delays in debt servicing in May 2018.
The long-term rating of Fortis Healthcare Ltd for Rs 250 crore non-convertible debenture programme, Rs 105 crore fund-based limits, and Rs 195 crore term loans has been upgraded by ICRA from C to B plus, Fortis Healthcare said in a filing to BSE.
A 'C' rating denotes very high risk of default regarding timely servicing of financial obligations, while securities rated B-plus are relatively safer.
"Further, the short-term rating for Rs 600 crore commercial paper programme and Rs 20 crore non-fund-based facilities has been reaffirmed at [ICRA]A4," it added.
The ratings have been placed on watch with developing implications, the filing said.
Giving the rationale for the upgrade, ICRA said: "The ratings have been upgraded as the company has repaid the overdue debt obligations and has cured the delays in debt servicing in May 2018."
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