Credit rating agency, India Rating & Research (India Rating) has assigned a long-term issuer rating of ‘BBB’ with a rating watch evolving (RWE) of Prime Focus (PFL). It has also assigned to the company’s proposed Rs 192.50 crore non-convertible Debenture (NCD) programme an expected rating of ‘BBB(EXP)’ with RWE.
Besides, the company is in the advance stages to receive equity $35 million and issue NCDs whose proceeds will be used to refinance the FCCBs. India Ratings & Research will resolve the RWE and may upgrade the ratings by two notches from the present level by mid-November 2012 when PFL expects to receive proceeds from the proposed issuance.
Prime Focus Technologies is a global visual entertainment services group that provides creative and technical services to the film, broadcast, and advertising market. The group offers a genuine end-to-end solution from pre-production to final delivery including visual effects, 2D to 3D conversion, video and audio post production, equipment hire, multi-platform content operations solutions and digital distribution.
