CARE revises ratings assigned to R S Software’s bank facilities

Credit rating agency, CARE has revised rating assigned to R S Software’s long-term bank facilities worth Rs 24.5 crore to ‘A (Negative)’ from ‘A+’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 50 lakh to ‘A1’ from ‘A1+’. The revision the ratings assigned to the bank facilities of the company takes into account the discontinuance of its ties with Visa Inc; the largest electronic payment service provider of the world and deterioration in financial performance of the company in FY16 (refers to the period April 1 to March 31) and 9MFY17 (refers to the period April 1 to December 31).

The ratings continues to derive strength from its experienced promoters with long and established track record, expertise in maintenance services to the electronic payment industry, comfortable financial risk profile marked by negligible gearing and strong liquidity profile driven by high level of liquid investments & free cash and bank balance.