The credit rating of Naveen Munjal-led Hero Electric Vehicles Private Ltd has been downgraded after the company defaulted on its loans in the midst of a liquidity crunch sparked by the government withholding over Rs 500 crore of FAME-II subsidies, as per credit rating agency Crisil.
Crisil on Monday downgraded Hero Electric’s long term and short-term ratings to Crisil D from Crisil B and Crisil A4, respectively. The Crisil D rating is given in the event of default.
