 "Patanjali, Baba ramdev")
Patanjali Food & Herbal Park Nagpur Pvt Ltd, a wholly-owned subsidiary of Patanjali Ayurved, received a triple-notch downgrade by Brickwork Ratings on Tuesday.
The rating agency has downgraded the company's Rs 360 crore loan programme to BBB-plus from A-plus. Without the credit enhancement, the rating is below investment grade at BB-plus.
The credit enhancement for Patanjali Food & Herbal Park is based on an "unconditional and irrevocable corporate guarantee" by its parent company Patanjali Ayurved.
The rating note suggests that the downgrade has factored in the hold up in the company's mega park project in Nagpur, due to existing the lender's "part disbursal
