Posted 12/1/2023, 8:01:26 AM
Amaravati Capital Project Woes: APCRDA Credit Rating Plummets to C Grade, Investors Anxious Over Halted Plans and Delayed Repayments
- APCRDA's credit rating has fallen from AAA+ to C grade due to halted projects and poor liquidity
- Amaravati capital city project abandoned by current government, plans to shift administration to Visakhapatnam
- Investors in Amaravati bonds worried about returns due to downgrade
- APCRDA delayed servicing bank debt obligations in Oct/Nov 2023 due to insufficient funds
- Additional state budget allocation of Rs 570 crore expected to cover next bond repayment due in Feb 2024