Bajaj Electricals has informed that it has enclosed four letters bearing reference Nos. 2019-20/MUM/1385 to 1388, all dated November 15, 2019, received by the Company from ICRA (Rating Agency) informing the Company of downgrades in the Company’s credit rating, along with the rationale for such downgrades. The Rating Agency has considered significant decline in profitability of the Engineering, Procurement and Construction (EPC) business of the Company particularly pertaining to the orders in rural electrification in H1FY2020 and the subsequent weakening in the Company’s debt coverage metrics.
The above information is a part of company’s filings submitted to BSE.
