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Last Updated : Nov 19, 2019 09:35 AM IST | Source: Moneycontrol.com

Zee Entertainment share price dips 2% after Brickwork downgrades credit rating

Issuer rating has downgraded from BWR AAA to BWR AA+.

 
 
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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.

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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.

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First Published on Nov 19, 2019 09:35 am
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