Rating agency CRISIL has downgraded long-term bank ratings on Amtek Auto group company JMT Auto Ltd (JMTL) to 'BBB-' from 'BBB+' in the wake of shrinking revenue and profitability. Its short-term ratings have also been cut to 'A3' from 'A2' and both ratings have been placed "on watch with the negative implications".
The rating action is based only on publicly available information, as JMTL has not cooperated with CRISIL in its surveillance process, CRISIL said in a statement.
The rating downgrade factors in deterioration of JMTL's credit risk profile marked by considerable de-growth in its revenue and profitability in the first quarter of FY16 as compared with the corresponding period a year ago.
