INSUBCONTINENT EXCLUSIVE:
MUMBAI: Rating company ICRA Friday downgraded the creditworthiness of Future Corporation Resources Pvt Ltd (FCRPL), citing high levels of
debt and pledged shares.
The future group company is now rated BB+(Stable), technically in the junk category, compared with triple-B
operating companies and a substantial increase in the pledged shareholding of the promoter group across its listed companies due to
12,778 crore as on September 30, 2019 from Rs
sizeable debt repayment obligations of Rs 316.0 crore and Rs 729.0 crore in FY2021 and FY2022, respectively.
Future Corporate Resources came
is solely dependent on its ability to monetise its investments and / or timely refinance its debt due to insufficient accruals from its