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Corporate Actions

Coastal Corporation Ltd. faces ratings actions and review due to non-cooperation

07-Aug-26   19:08 Hrs IST
Coastal Corporation Ltd announced ratings actions from multiple agencies, including CARE Ratings Limited, Crisil Ratings, and CareEdge Ratings, with no rating information available from an unknown agency. CARE Ratings Limited re-affirmed the rating for Long-term / Short-term bank facilities at D, downgraded Long Term Bank Facilities to CARE D (previously CARE BB; Stable), and downgraded Long Term / Short Term Bank Facilities to CARE D / CARE D (previously CARE BB; Stable / CARE A4), while also reaffirming the rating for Long-term bank facilities at BBB+ with a Rs 500 crore limit, assigned on January 15, 2024; furthermore, CARE Ratings Ltd. placed Bank Facilities under review due to the ISSUER NOT COOPERATING, and Crisil Ratings upgraded the Commercial Paper Program to A1+ for a Rs 100 crore amount, dated March 1, 2024, alongside noting that CareEdge Ratings’ assessment reflects opinions as on the date of the rating, and detailing term loans from Bank of India (Rs 29.60, 36 installments monthly from January 2027), Union Bank of India (Rs 25.94, 36 installments monthly from January 2027), DBS Bank Limited (Rs 9.74, monthly installments), HDFC Bank Ltd. (Rs 3.00, quarterly installments), and fund-based limits from Bank of India (Rs 140.00, EPC/PSC), Union Bank of India (Rs 120.00, EPC/PSC), and DBS Bank Limited (Rs 13.50).

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