CRISIL has placed PVR’s rating on the long-term bank facilities and debt instruments on Watch with Negative Implications. The rating action follows the closure of movie theatres across India by orders of state governments to contain the spread of Novel Coronavirus (Covid-19). While the present closure is valid until March 31, 2020, it could be extended if the pandemic worsens.
The rating agency has placed the company’s long-term bank facilities with ‘AA’ rating on watch with Negative Implications. It has also placed the company’s Non-Convertible Debentures (NCDs) Aggregating Rs 460 crore with ‘AA’ rating on watch with Negative Implications.
PVR is the largest and most premium film exhibition company in India. Since its inception in 1997, the brand has redefined the way entertainment is consumed in the country.
