Bloomberg
An Indian credit ratings company cut Patanjali Ayurved by two levels, citing a likely weakening of its financial position as it partly funds a merger with a maker of soya products.
Care Ratings downgraded Patanjali’s long-term bank facilities to A- from A+, according to a statement. Care and Brickwork Ratings cut the company’s outlook to negative from stable.
Patanjali Consortium Adhigrahan — a venture by Patanjali Ayurved — is taking over Ruchi Soya Industries for $614 million.