Rating agency CRISIL revises Parsvnath Developers' rating to 'D'

NEW DELHI: Rating agency CRISIL has revised the rating assigned to company's long term bank loan facilities to 'D', from 'C' earlier, according to a regulatory filing.

The agency has also revised the rating assigned to Rs 200 crore non-convertible debentures ( NCDs) of Parsvnath Landmark Developers, a wholly owned subsidiary company of the company, to BB-, with a negative outlook, from BB(SO), with a stable outlook, the company said in a separate BSE filing.

"...it is hereby informed that CRISIL has revised the rating assigned to the long term bank loan facilities of the Company from "CRISIL - C" to "CRISIL - D"," the company said.

Markets regulator Securities and Exchange Board of India ( Sebi) on Tuesday put Parsvnath Developers in the restricted trade category after it was identified as a shell company by the corporate affairs ministry.

The company moved the Securities Appellate Tribunal (SAT), which today stayed the trade restriction order by the securities market regulator on real estate firm.