Term loans and fund based working capital limits - IND BBB+; Negative
Non fund based working capital limits - IND A2+

As per the intimation received, the resolution of RWN reflects the management's ability to reduce overhead cost in a timely manner, as reflected in the marginal improvement in Company's performance and successful refinancing of debt. The Negative Outlook reflects occupancies not reaching to normal levels amid concerns on further lockdowns due to the extended impact of COVID-19 pandemi