India Ratings and Research (Ind-Ra) downgrades Ansal Housing to D
Rating agency India Ratings and Research (Ind-Ra) has downgraded Ansal Housing & Construction’s long-term issuer rating to ‘IND D’ from ‘IND BB’ earlier. The ratings continue to be in the non-cooperating category, according to the agency.
“The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Thus, the rating action is on the basis of best available information,” Ind-Ra said in a statement.
The downgrade reflects the instances of delays in debt servicing by Ansal Housing during financial year 2016-17, as stated by the statutory auditor in the latest audited annual report of the company. The rating agency said timely debt servicing for three consecutive months will be positive for the ratings.