Fitch downgrades Future Retail's long-term rating to 'C' on missed coupon

The company has a 30-day grace period to meet its obligations; if it can't Fitch could downgrade its IDR and bond rating further

Fitch Ratings has downgraded Indian retailer Future Retail Ltd's (FRL) Long-Term Issuer Default Rating (IDR) from 'CCC+' to 'C' as the Kishore-Biyani controlled firm missed payment of semi-annual interest on bonds.

It also downgraded the rating on its $500 million, 5.6% per cent senior secured notes due in 2025 from 'CCC+' to 'C'.

Rating action follows FRL's announcement that it was unable to make a semi-annual interest payment of $14 million on US dollar bonds on July 22, Fitch said in a statement.

The company has a 30-day grace period to meet its payment obligations. It continues to negotiate with banks for the