Ranbaxy woes continue; CARE downgrades long term debt ratings

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Ranbaxy woes continue; CARE downgrades long term debt ratings
Pharma major Ranbaxy's woes just do not seem to end. First, the company received a number of US FDA warning letters and earlier this week the Supreme Court issued a notice to the pharmaceutical company and Centre on a PIL (Public Interest Litigation) seeking probe against the company for allegedly supplying adulterated drugs in the country.

Now, the company has informed the BSE that Credit Analysis & Research Limited (CARE), has revised credit rating for long term debt instruments issued by the Company, from CARE AA+ (DoubIe A Plus) to CARE AA (Double A).

Long term Instruments with CARE AA rating are considered to have high degree of safety regarding timely payment of financial obligations and carry very low credit risk.

However, CARE has reaffirmed the CARE A1+(A One Plus) rating assigned to the short term bank facilities of the Company. Short Term Debt Instruments with CARE rating of A1+ are considered to have very strong degree of safety regarding timely payment of financial obligations and carry lowest credit risk.

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