Crisil has downgraded its rating on long-term bank facilities and non-convertible debentures (NCDs) of PVR to AA-minus negative from AA negative. The rating on short-term bank facility has been reaffirmed at A1 plus and the rating on Rs 75 crore NCDs has been withdrawn as the instruments have been fully repaid.
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.