Hot Pursuit
Global Surfaces Ltd has announced a series of rating actions from both Acuité Ratings & Research Limited and Acuite. Acuité Ratings & Research Limited downgraded Long Term Bank Loan Facilities from ACUITE BBB+ to ACUITE BBB, and Short Term Bank Loan Facilities from ACUITE A2 to ACUITE A3+, alongside downgrades to their Long Term and Short Term ratings, and Bank Loan Ratings, all regulated by the RBI. Furthermore, Acuite reaffirmed ratings for various instruments including Bank facilities totaling Rs. 143.10 Cr. (Long-term, ACUITE BBB, previously BBB+) and Rs. 143.10 Cr. (Short-term, ACUITE A3+, previously A2), while assigning a Negative Outlook reflecting concerns about the group’s ability to improve key financial metrics, alongside reaffirmations for PC/PCFC, Letters of Credit, Stand By Lines of Credit, and Working Capital Term Loans, with some experiencing downgrades from ACUITE A2+ to A2 and a new assignment for a Stand By Line of Credit.