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CARE Rating has downgraded rating for debentures of Morgan Credit Private Ltd (MPCL), a Rana Kapoor family owned firm, from “BB” to “D” grade as it failed to make payments to investors of non-convertible debentures.
The revision in the rating of the instrument is on account of company’s inability to repay post exercise of the put option by the investor on account of stretched liquidity, CARE said in a statement.
Rating revision journey began in the second quarter of last financial year (Fy20). In September 2019, it was downgraded from “A-“ to “BBB-“ and later from “BBB-“ to “BB” in
