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

Shilpa Medicare gets certification from EDQM

Shilpa Medicare has received certification for CEP 2004-201 Ambroxol Hydrochloride from European Directorate for the Quality of Medicines & Healthcare (EDQM). Earlier in March, EDQM inspected Shilpa......

Godrej Consumer Products gets RBI's nod to increase FII limit to 40%

The Reserve Bank of India (RBI) has allowed foreign institutional investors (FIIs) to invest up to 40 per cent of the paid up capital of Godrej Consumer Products under the Portfolio Investment Scheme (PIS).......

IDFC gets nod to raise Rs 80,000 crore via issue of non-convertible securities

In a bid to expand business, Infra-sector lender IDFC has received it board's approval to raise up to Rs 80,000 crore by issuing non-convertible securities on private placement basis. The issuance of shares......

Top News

View all news

RIL, ONGC and Lupin to see some action

Reliance Industries (RIL), owner of the world's biggest refining complex, imported nearly 25 percent more oil in July compared with the previous month, when it had slowed purchases due to a planned maintenance......

Monsoon uncertainty still a risk for inflation: RBI

RBI in its Annual Report for 2014-15  has said that uncertainty in the progress and distribution of monsoon, a key factor in performance of the farm sector, continues to be a risk for......

Bharti Airtel, Sun TV and Cairn India to see some action

Bharti Airtel, a leading global telecommunications services provider with operations, has signed a definitive agreement to acquire 100% equity stake in Augere Wireless Broadband india (Augere), which holds......