TAJGVK Hotels and Resorts on Monday said domestic rating agency ICRA has downgraded the credit ratings of its long-term loans and short-term credit facilities on account of revenue and margin decline in the current fiscal due to the COVID-19 pandemic.

In a regulatory filing, the firm said has received a letter from ICRA informing it of the ”downgrade in the credit rating of the company’s long-term loans (aggregating to Rs 165.63 crore) to ICRA A- from ICRA A and short-term credit facilities (aggregating to Rs 30 crore) to ICRA A2+ from ICRA A1”.

The revision for rating is on account of expected sharp revenue and margin decline expected for financial year 2020-21 due to steep demand drop owing to the pandemic, the company added. Shares of TAJGVK Hotels and Resorts were trading 3.46 percent higher at Rs 125.70 apiece on BSE.