 "Future Retail")
Global rating agency Standard & Poor's has downgraded Future Retail Ltd's long term rating issuer credit rating from "CCC-" to "SD", amounting to default. The rating action follows restructuring of onshore debt.
India-based Future Retail has completed the one-time restructuring of its onshore debt (about Rs 10,200 crore) that includes extending the maturity of its term loans and other borrowings.
The restructuring constitutes a distressed exchange. It is tantamount to a default as the likelihood of a conventional default in the absence of this transaction was high and there is inadequate offsetting compensation for lenders, S&P said in a statement.
