India Ratings Downgrades Dhamu Chettiar Nagai Maaligai's Bank Facility to 'IND BB/Negative(ISSUER NOT COOPERATING)'

India, Nov. 18 -- India Ratings and Research (Ind-Ra) has downgraded Dhamu Chettiar Nagai Maaligai's (DCNM) bank facility rating to 'IND BB/Negative(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)' from 'IND BBB-/Negative(ISSUER NOT COOPERATING)/IND A3 (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings.

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