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| Exchange Received Time 24/08/2017 20:38:01 Exchange Disseminated Time 24/08/2017 20:38:07 Time Taken 00:00:06 | | This is with reference to the news article, our Company wish to clarify that revision of rating by CRISIL Ltd. is not related to MEP Infrastructure Developers Limited('Listed Holding Company or MEP IDL') and it is related to one of its subsidiaries viz. 'MEP Infrastructure Private Limited'('MIPL'). MEPIDL has a current rating of 'BBB(-)' assigned by CARE which remains unchanged.Further, in terms of Reg 30 of SEBI (LODR) Regulations, 2015, as amended, we would like to inform that CRISIL LTD ('CRISIL') has revised the ratings of our Subsidiary Company i.e. MIPL from CRISIL 'BB-(SO)/Negative' to CRISIL D.The delay in debt servicing was predominantly on account of suspension of toll collection during the demonetization period and incurrence of certain reimbursable capital exp.(change of scope) for the said project. MIPL has claimed compensation for both the above from the Auth. and the same are expected soon.There are no material implications on MEP IDL & its operation as a result of this. |
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