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| Exchange Received Time 06/07/2019 20:26:18 Exchange Disseminated Time 06/07/2019 20:26:24 Time Taken 00:00:06 | We hereby inform that CARE Ratings (CARE) has reaffirmed the rating at BBB and revised rating outlook to credit watch with negative implications for long-term debt program, market linked debentures and subordinated debt of the Company. CARE has stated this action is primarily due to likely utilization of part proceeds of divestments to meet the debt guaranteed by RCL.
The Company respectfully protests and disagrees with the revision. There has not been any adverse change in the Company's operational parameters and/or any other circumstances from the time of the last rating action, just 7 weeks ago and hence latest revision is completely unjustified.
CARE has stated that the revision in the ratings is because of the likely utilization of part proceeds of divestments to meet the debt guaranteed by RCL.
RCL has always been committed to fulfill all its obligations which includes standalone debt and guaranteed obligations of the company.
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