Mumbai: Care Ratings downgraded the ratings assigned to the bank facilities of Eros International Media to default, the latter said on Wednesday, adding to a slew of sudden aggressive measures by rating agencies.
Indian raters have come under the scanner in recent times, after they failed to flag potential payment defaults by IL&FS and others last year.
In a late evening announcement to stock exchanges, Eros International Media said the agency downgraded the ratings assigned to its term loan and cash credit — long-term banking facilities to D from BBB-.
It also cut the media companys short-term bank facilities to D from A3.
The development followed downgrading of several papers of Dewan Housing Finance to default status by various rating agencies on Wednesday.
Crisil downgraded commercial papers (CP) issued by debt laden Dewan Housing Finance to default or D category from A4+ after the company missed interest payment on its non-convertible debentures (NCDs) on Tuesday. Icra also downgraded these papers to D from A4 earlier.
Care Ratings downgraded fixed deposits, NCDs, subordinated debt, perpetual debt, non-convertible redeemable cumulative preference shares and long-term bank facilities of DHFL to default or D rating.