ICRA Nepal Downgrades Bhugol Energy Development Company Limited's Rating to [ICRANP-IR] C+

ICRA Nepal Limited has downgraded the credit rating of Bhugol Energy Development Company Limited (BEDC) from [ICRANP-IR] B- to [ICRANP-IR] C+ and has subsequently withdrawn the rating under the 'Issuer Not Cooperating' category. The downgrade reflects a significant increase in the risk associated with the company's ability to meet its financial obligations on time.

The [ICRANP-IR] C+ rating indicates that the organization is at a very high risk of defaulting on its financial commitments. This rating serves as ICRA Nepal's general opinion on the company's creditworthiness and is not specific to any individual bond issued by the company.

ICRA Nepal's rating scale ranges from [ICRANP-IR] AA, which represents a high degree of safety and low credit risk, to [ICRANP-IR] C, indicating substantial credit risk. The '+' (plus) or '-' (minus) signs within these categories signify the relative position within the respective rating levels. In this context, the [ICRANP-IR] C+ rating is positioned one notch above [ICRANP-IR] C and one notch below [ICRANP-IR] C-.