Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Educomp Solutions’ long term bank facilities worth Rs 299.07 crore to ‘D’ from ‘BBB-’. The rating agency has also revised rating of company’s Long/short term bank facilities worth Rs 410.00 crore to ‘D’/’D’ from ‘BBB-’/A3.
The revision in the ratings of company takes into consideration the ongoing delays by the company in the servicing of its debt obligations pertaining to the bank facilities, on account of a significant deterioration in its liquidity position and financial risk profile during FY13.
Educomp Solution provides learning solutions to schools, governments, teachers, students and parents. It has research and development center located at Noida that creates quality products and services. The solution is based on education principles that help them to design education systems.