India Ratings suspends Shah Group Builders’ ratings

MUMBAI: India Ratings and Research ( Ind-Ra) has migrated Shah Group Builders Ltd’s ( SGBL) ‘IND BB’ Long-Term Issuer Rating to the suspended category, the ratings agency said in a release.

The ratings were earlier on Rating Watch Negative. The agency has also migrated the ‘IND BB’ rating on Shah Group Builders Ltd’s Rs 135 crore term loans to ‘IND BB(suspended)’.

The ratings have been migrated to the suspended category due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for SGBL, the release said.

The ratings will remain in the suspended category for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during the six-month period, the ratings could be reinstated and will be communicated through a rating action commentary, India Ratings added.