Credit rating agency – ICRA has downgraded ratings Taj GVK Hotels & Resorts’ long term loans aggregating to Rs 160.46 crore to BBB+ with negative outlook from A- and company’s short term credit facilities aggregating to Rs 30 crore to A2 from A2- along with rational for such downgrade. The revision in the rating is on account of review of the latest development.
Taj GVK Hotels & Resorts is a joint venture of the Tata Group’s Indian Hotels Company and Hyderabad-based G V K group.