The JCR-VIS Credit Rating Company Limited (JCR-VIS) has placed the entity ratings of Crescent Leasing Corporation Limited (CLCL) of 'A+/A1' (Single A Plus/A One) and the ratings of AA- (Double A Minus) assigned to its TFC-2 and TFC-3 on 'Rating Watch'.
This action is in line with the standard rating procedures followed at the JCR-VIS given the possibility of CLCL's inclusion in the restructuring plan being considered by the sponsors for one of the company's associated concerns. This development has also impacted CLCL's access to funds. However, the company has continued to honour its financial obligations.
The 'Rating Watch' status will be resolved once the details of the restructuring plan are finalised and its impact can be assessed.