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CARE revises rating of Core Education & Technologies’ bank facilities

28 Aug 2013 Evaluate

Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Core Education & Technologies’ long term bank facilities worth Rs 696.40 crore to ‘D’ from ‘BB+’ and Long/Short-term Bank Facilities worth Rs 150.00 crore to ‘D+’ from ‘BB+’/ ‘A4+’.The rating agency has also revised rating of company’s Non-Convertible Debenture (NCD) worth Rs 150.00 crore to ‘D+’ from ‘BB+’.

The revision in the ratings assigned to the bank facilities & instruments of CETL is on account of the delay in servicing of rated debt obligations due to the company’s weak liquidity position.

CORE Education & Technologies operate in three segments; Education, Enterprise Resource Planning (ERP) and consulting and logistics.

Peers
Company Name CMP
TCS 2079.30
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HCL Technologies 1246.00
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Tech Mahindra 1539.00
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