NEW DELHI : S&P Global Ratings on Thursday lowered ratings on Future Retail to CCC-, vulnerable to non-payment grade, stating that the company's liquidity position has weakened, exacerbated by the extended lockdown in India due to COVID-19.

The ratings agency said the Kishore Biryani-led retail major's ability to meet its upcoming financial obligations is dependent on an improvement in business conditions or access to additional lines of credit.

S&P said it is lowering its preliminary long-term issuer credit rating on Future Retail and the preliminary long-term issue rating on the company's USD 500 million senior secured notes to 'CCC-' from 'B-'. "The ratings remain on CreditWatch with negative implications," S&P Global Ratings said in a

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