"India Ratings has downgraded the company's Long Term Issuer Rating to 'IND D' from 'IND BB-' with Negative outlook. It has also downgraded the company's Rs 250 crore non- convertible debenture programme to 'IND D' with negative outlook," Shree Renuka Sugar (SRS) said in a BSE filing.
The downgrading of ratings come in the wake of delay in debt servicing by the company, whose Brazilian subsidiary had filed for bankruptcy protection due to depreciating currency and drought in Brazil.
SRS is one of the largest sugar producers in the world.
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