Rationale

 ICRA has downgraded the ratings on the bank facilities of L&W Construction Private Limited (LWCPL) and moved the ratings to ‘Issuer Not Cooperating’ category. The ratings are denoted as “[ICRA]BB+ (Stable) Issuer Not Cooperating/ [ICRA]A4+ Issuer Not Cooperating”. The rating action is led by insufficient information regarding LWCPL’s performance and hence, the uncertainty around the company’s credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its ‘Policy in respect of non-cooperation by a rated entity’ available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating, as the rating does not adequately reflect the credit risk profile of the entity, despite the downgrade. As a part of its process and in accordance with its rating agreement with LWCPL, ICRA has been trying to seek information from the entity to monitor its performance. Despite repeated requests by ICRA, the entity’s management has remained noncooperative. In the absence of requisite information and in line with ICRA’s aforesaid policy, a rating view has been taken on the entity based on the best available information.