Breaking News

You are here » Indian-Commodity  :  Corporate  :  CARE revises rating for Bharat Hotels' bank facilities


CARE revises rating for Bharat Hotels' bank facilities

CARE has revised the rating assigned for Bharat Hotels' long-term bank facilities, aggregating to the worth of Rs 645.14 crore (reduced from Rs 679.4 crore), to 'BBB+' from 'A+'. Further, the rating agency, also has revised the rating for company's short-term bank facilities, aggregating to the worth of Rs 40 crore (reduced from Rs 55 crore), to 'A3+' from 'A1+'. Meanwhile, the rating assigned for company's Rs 106.67 crore worth Non-Convertible Debenture (NCD) also has been revised, from 'A+' to 'BBB+'

The revision in the ratings take into account the decline in the operating performance due to  increasing competition across all locations, moderation in the financial risk profile as characterized by increase in the leverage and deterioration in the  coverage indicators and delay in the proposed  sale of non-core assets. The ratings are also constrained due to large ongoing debt-funded projects coupled with bunching of debt repayments in the medium term and an overall subdued industry. The ratings, however, continue to derive strength from the experienced promoters, long track record of operations and presence at multiple locations.

Bharat Hotels owns and operates nine five-star hotels under the brand name, Lalit,  at Delhi, Mumbai, Bangalore, Udaipur, Goa, Khajurao, Jaipur and Srinagar and a spa-cum-resort located at Bekal (Kerela).

Related News

View all news

CARE reaffirms ratings of South Indian bank's debt instruments

Credit rating agency, CARE has reaffirmed 'A+' rating to South Indian bank's Lower Tier II Bonds worth Rs 200 crore and 'A+' rating to the bank's Tier II Bonds (Basel III Compliant) worth Rs 500 crore.......

Adani Power in talks to buy ready-to-build power plants from Welspun Group

Adani Power is in talks with Welspun Group for buying two ready-to-build coal-fired power plants for Rs 400 crore.These two plants are situated in Uttar Pradesh and Madhya Pradesh and have all the necessary......

Maruti Suzuki unveils 'Alto K10 - Urbano' limited edition

Maruti Suzuki India (MSIL) has unveiled a limited edition version of the Alto K10 christened as 'Urbano'. The Alto K10 Urbano offers 18 new features and is available on the LX, LXi, VXi and VXi (O) trim......

Top News

View all news

L&T, Bharti Airtel and Kotak Bank to see some action today

Indian engineering major, Larsen & Toubro (L&T), in partnership with Korea's Samsung Techwin (STW), has bagged Rs 4,875-crore ($750 million) order for supplying the Indian Army with 100......

NTPC, Coal India, Biocon and NBCC to see some action today

State-run NTPC will consider selling electricity to Bangladesh from its upcoming 750 MW plant at Kokrajhar in Assam once the neighbouring country finalizes plans to buy power from Palatana project in Tripura.......

Hexaware, HCL Technologies and Kalpataru Power to see some action today

Hexaware Technologies, a leading global provider of IT, BPO and consulting services has entered into partnership with MuleSoft, the company that makes it easy to connect applications, data and devices,......