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ICRA downgrades TAJGVK Hotels' credit ratings of long-term loans, short-term credit facilities

The revision for rating is on account of expected sharp revenue and margin decline expected for financial year 2020-21 due to steep demand drop owing to the pandemic

Published: 28th September 2020 01:06 PM  |   Last Updated: 28th September 2020 01:06 PM   |  A+A-

Taj Santacruz is run by the TAJGVK group

Taj Santacruz is run by TAJGVK group. (photo| Special Arrangement)

By PTI

NEW DELHI: TAJGVK Hotels and Resorts on Monday said domestic rating agency ICRA has downgraded the credit ratings of its long-term loans and short-term credit facilities on account of revenue and margin decline in the current fiscal due to the COVID-19 pandemic.

In a regulatory filing, the firm said that it has received a letter from ICRA informing it of the "downgrade in the credit rating of the company's long-term loans (aggregating to Rs 165.63 crore) to ICRA A- from ICRA A and short-term credit facilities (aggregating to Rs 30 crore) to ICRA A2+ from ICRA A1".

The revision for rating is on account of expected sharp revenue and margin decline expected for financial year 2020-21 due to steep demand drop owing to the pandemic, the company added. Shares of TAJGVK Hotels and Resorts were trading 3.46 per cent higher at Rs 125.70 apiece on BSE.



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