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Sadbhav Infra hits record low as CARE downgrades subsidiary's credit rating

The ratings agency downgraded the company due to "sustained subdued toll collection" against large debt obligations

Sadbhav Infrastructure Projects IPO: Fairly valued but high debt a concern
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SI Reporter Mumbai
Shares of Sadbhav Infrastructure Projects (SIPL) tanked 18 per cent to hit a record low of Rs 59 on the BSE on Friday after Care Ratings downgraded the credit rating of the firm's wholly-owned subsidiary, Rohtak-Hissar Tollway Private Limited (RHTPL), from 'BB+' to 'D'.
 
The ratings agency downgraded the company due to "sustained subdued toll collection" against large debt obligations. The subsequent poor liquidity and weak debt coverage indicators led to overdues in the account (as per lender’s feedback) for debt servicing.

"There are overdues in the account of RHTPL in servicing its debt obligations upto 15 days... Toll collection of

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First Published: Jun 28 2019 | 10:16 AM IST

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