Credit rating agency, CARE has downgraded rating of Vascon Engineers’ long-term bank facilities worth Rs 155 crore to ‘D’ from ‘BBB’. The rating agency has also downgraded the company’s short-term bank facilities worth Rs 250 crore to ‘D’ from ‘A3’.
The company has received the rating downgraded due to the strain on liquidity position of the company and subsequent delays in servicing of debt obligations.
Vascon Engineers has significant experience of providing EPC services, which include, constructing factories, hospitals, hospitality properties, office and residential complexes, shopping malls, multiplexes, IT parks and other buildings. The company provides EPC services for own projects as well as to third parties.
