Corporate News 23-Nov-23
GE Power India receives revision in credit rating
From ICRA
GE Power India announced that ICRA has revised the Long-term rating for Line of Credit as [ICRA]BBB (Negative) from [ICRA]BBB+ (Negative), reaffirmed the outlook to Negative and short-term rating for Line of Credit as [ICRA]A3+ from [ICRA]A2. The reasons for downward revision inter-alia included continuous decline in revenues, reduction in profit margins and delayed cash flow owing to significant cost pressures, provisions for accidents and slow pace of project execution.
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