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Hot Pursuit News

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(21 Nov 2023, 11:41)

ICRA downgrades ratings of Shreyas Shipping to 'BBB-'; maintains 'stable' outlook

Shreyas Shipping & Logistics said that ICRA has downgraded its rating on the debt instruments of the company to "[ICRA] BBB+ (Stable)" from "[ICRA] A- (Stable)".

The credit rating agency stated that the rating downgrade of Shreyas Shipping and Logistics (SSLL) factors in its reduced scale of operations, the decline in profitability and deterioration in the debt coverage metrics.

SSLL’s revenue and profitability declined in H1 FY2024 due to reduced freight rates, lower vessel capacity utilisation and loss in voyage days. The decline in profitability has deteriorated the debt coverage metrics, which is expected to remain modest in FY2024.

Further, SSLL’s operations are capital-intensive, and the debt-funded capex kept the debt levels elevated. The rating also takes note of vulnerability of the operating income to the inherent cyclicality in the shipping business, volatility in charter rates and regulatory changes.

The rating, however...

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