Future Retail was downgraded to SD from CCC- by S&P after it “failed to make the principal payments due on its restructured onshore bank borrowings” on December 31, 2021 post which the 30-day review period allowed by the RBI  ended. However, S&P affirmed Future Retail’s $500mn 5.6% dollar bond due 2025 at CCC- saying that it expects the company to pay the coupon “during the 30-day grace period–in line with past trends”. This comes after Future Retail skipped the coupon payment due January 22 on its dollar bond.

Future Retail’s 5.6% 2025s were unchanged, currently trading at 60.4 cents on the dollar.


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