ICRA downgrades Shapoorji Pallonji & Co's ratings from "AA-" to "A+"

Rating agency ICRA has downgraded Shapoorji Pallonji and Company Private Ltd's (SPCPL) long-term rating from "AA-" to "A+" due to the slower-than-anticipated progress achieved in terms of its deleveraging plans through equity infusion and asset monetization.

Ratings have been removed from watch with developing implications and 'Negative' outlook assigned.

ICRA has noted that the promoters have infused a total of about Rs 2,270 crore in SPCPL during H1FY2020, including around Rs 1,900 from the proceeds of the Sterling & Wilson Solar Limited (SWSL) Initial Public Offering (IPO). 

However, contrary to expectations, the net debt levels have not come down because the same has