Credit rating agency, CARE has revised rating of C&C Constructions’ long term bank facilities worth Rs 942.17 crore to ‘D’ from ‘C’. The rating agency has also revised rating of company’s Long-term/Short-term Facilities worth Rs 675.13 crore to ‘D’ from ‘C/ A4’.
The revision in the ratings takes into account the ongoing delays in servicing of the company’s debt obligations on account of the stretched liquidity position and continuing operating losses.
C&C Construction is a medium-sized construction company engaged in Engineering, Procurement and Construction services for infrastructure projects in the construction of highways, airport runways, bridges, water sewerage, sanitation, buildings and power transmission.
