Credit rating agency, CARE has reaffirmed ‘BB+’ rating to Future Market Networks’ long-term bank facilities worth Rs 302.26 crore. The rating assigned to the bank facilities continues to be constrained by Future Market Networks’ (FMNL) weak debt coverage indicators and considerable commitment towards subsidiaries/joint ventures.
The rating is further constrained by FMNL’s dependence on interest income from subsidiaries or sale of property to service its debt coupled with cyclicality inherent in the real estate industry.
Future Market Networks operates as a contractor, building, land and estate agent, and a land developer.
