Rajshree Sugar’s long term bank facilities’ rating downgraded; stock down 3%

CRISIL has further downgraded the credit rating of the company’s long term bank facilities of Rs. 644 crore to CRISIL D.

Shares of Rajshree Sugars & Chemicals Ltd are currently trading 3.44% lower at Rs. 28.05 on BSE.

CRISIL has further downgraded the credit rating of the company’s long term bank facilities of Rs. 644 crore to CRISIL D. Earlier, the rating agency ICRA had assigned ICRA B for the long term bank facilities of Rs. 619.82 crore.

“The current rating has deteriorated due to depressed scenario of the sugar industry existing for the last three years. The margins of all the sugar manufacturing companies are under pressure due to mismatch between the raw material, sugarcane prices and  prevailing prices,” said the company in a BSE filing.