The credit rating agency, ICRA Ratings has downgraded the rating assigned to Fortis Healthcare’s Non-convertible Debentures worth Rs 250 crore, Fund-based Limits worth Rs 105 crore and Term Loans of Rs 195 crore from ‘BBB-’ to ‘C’.
The rating agency has also downgraded the rating assigned to the company’s Non-fund-based Limits worth Rs 20 crore and to its Commercial Paper/Short-term Debt worth Rs 600 crore from ‘A3’ to ‘A4’.
Fortis Healthcare is an integrated healthcare delivery service provider in Asia. The healthcare verticals of the company span primary care, diagnostics, day care specialty and hospitals, with a healthcare network spanning 9 countries.