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Article: CRISIL assigns BB to Orbit Resorts' bank facilities.
- Article from:
- ADP Debt News
- Article date:
- August 31, 2009
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(ADPnews) - Aug 31, 2009 - Indian credit rating agency CRISIL said Friday it assigned a rating of BB with a "stable" outlook to the long-term bank facilities of local hospitality company Orbit Resorts Pvt Ltd.
The facilities include the INR 48 million (USD 982,000/EUR 688,000) cash credit facility, The INR 3 billion term loan facility and the INR 400,000 proposed long-term bank loan facility.
The rating reflects the adverse impact of the debt funding for the company's new project on its capital structure and the vulnerability of its margins to cyclicality in the hotel industry. The impact of these weaknesses is partially offset by Orbit Resorts' strong ...