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Vega Jewellers' debt ratings downgraded by CRISIL due to liquidity constraints and high utilization

(27-Oct-26   17:56)

Vega Jewellers Ltd announced ratings actions from multiple agencies concerning its debt instruments. CRISIL Limited reaffirmed the rating for the Bank loan facilities of Rs 138.00 Crore at CRISIL BBB-/ Stable, with an outlook remaining 'Stable', while also downgrading the same Bank loan facilities of Rs 138.00 Crore from CRISIL BBB-/ Stable, citing a constrained liquidity position and high average bank limit utilization of around 98-99%. Crisil assigned an initial rating of BBB/ Stable (Long-term) & A3+ (Short-term) to Bank loan facilities of Rs 88.00 Crore, and separately noted a downward revision of the rating for Overdraft limits, with a review pending based on utilization during a mid-term review.