Credit rating agency, CARE has revised rating of Era Infra Engineering’s long term bank facilities worth Rs 3048.93 crore to ‘BB+’ from ‘BBB-’. The rating agency has also revised rating of the company’s Long-term/Short-term Bank Facilities worth Rs 2000 crore to ‘BB+/A4’ from ‘BBB-/A3’.
The revision in the ratings of EIEL takes into account stretched liquidity position arising on account of increased debtor levels and moderation in profitability, leading to higher reliance on debt, both at standalone and consolidated level.
Era Infra Engineering, incorporated in September 1990, is the flagship company of the Era Group. The company is a growing construction company with a pan-India presence and has experience in various kinds of construction projects such as power, housing, road, industrial and aviation.
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