India Ratings & Research has downgraded ABG Shipyard’s Rs 200 crore non-convertible debenture (NCD) programme to ‘D’ from ‘BB-’ earlier. Moreover, the agency has also downgraded the company’s long-term issuer rating to ‘D’.
The downgrade reflects the company’s delays in repayments pertaining to the Rs 200 crore non-convertible debenture (NCD) programme.
ABG Shipyard is engaged in the business of carrying shipbuilding and ship repair business. The company has emerged as the largest private sector shipbuilding yard in India with satisfied customer base all around the world.
