Zee Entertainment Enterprises share price fell nearly 3 percent in the early trade on November 19 after Brickwork Ratings India had downgraded the credit rating of the non-convertible preference shares of the company.
Brickwork Ratings India Private Limited intimated the company about credit rating downgrade in connection with 6 percent cumulative redeemable non-convertible preference shares & the issuer rating.
The rating agency has downgraded cumulative redeemable non-convertible preference shares rating from BWR AAA to BWR AA+ with Credit Watch with negative implications.
Also, issuer rating has downgraded from BWR AAA to BWR AA+.
The downgrade in the rating factors the deteriorating financial flexibility of the group marked by increased pledge of promoter holding, continuous volatility in share price movement of the company resulting in substantial decline in market capitalization and promoter group's inability to repay full debt against pledge of ZEEL shares as per committed timelines.At 09:19 hrs, Zee Entertainment Enterprises was quoting at Rs 287.75, down Rs 6.30, or 2.14 percent, on the BSE.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.