Credit rating agency, Credit Analysis & Research (CARE) has revised credit rating pertaining to long term bank facilities of Panacea Biotec to ‘BB’ from ‘A-‘. ‘CARE BB’ rating is applicable to instruments which are considered to have moderate risk of default regarding timely servicing of financial obligations.
The rating agency has also revised the short term bank facilities of the company to ‘A4’ from ‘A2+’. ‘CARE A4’ rating is applicable to instruments having tenure up to one year and are considered to have minimal degree of safety regarding timely payment of financial obligations. Such instruments carry very high credit risk and are susceptible to default.
Panacea Biotec is one of India’s leading research based health management companies with established research, manufacturing and marketing capabilities.
