The Economic Times daily newspaper is available online now.

    Care downgrades Cox and Kings rating to ‘default’ grade

    Synopsis

    On Wednesday, Cox & Kings defaulted on commercial paper of Rs 125 crore.

    Rating2-Getty-1200Getty Images
    Mumbai: Rating woes continued for Cox and Kings, as Care Ratings on Thursday downgraded the tour operator’s rating to ‘default’ grade, as it grappled with a cash crunch to service its debt and other obligations.

    In an evening release, Cox and Kings said the ratings agency has downgraded issuer rating on Rs 1,750 crore long-term facilities and Rs 1,685 crore commercial paper to ‘D’, while it reaffirmed the company’s Rs 250 crore non-convertible debenture issue, and Rs 375 crore commercial papers at ‘D’ or default rating.

    On Wednesday, Cox & Kings defaulted on commercial paper of Rs 125 crore, a third default of the company in the past fortnight, totaling Rs 325 crore.

    Shares of Cox & Kings were locked in lower circuit for 12th straight session, down 5 per cent at Rs 23.20.

    Its shares have eroded 71 per cent of its market value over the last one month, and shares are trading at a fresh low.

    On July 1, Cox and Kings defaulted on a commercial paper, and have been witnessing a slew of rating downgrades as it grapples with a liquidity crisis.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in