Zee Entertainment Enterprises, one of the largest Indian media and entertainment companies, announced that the credit rating agency, Brickwork Ratings India, downgraded the company's cumulative redeemable non-convertible preference shares & the issuer rating.

Brickwork Ratings India downgraded Zee Entertainment Enterprises' (ZEEL) 6% cumulative redeemable non-convertible preference shares to 'BWR A' (credit watch with negative implications) from 'BWR AA-' (credit watch with negative implications).

The company's issuer rating was also downgraded to 'BWR A' (credit watch with negative implications) from 'BWR AA-' (credit watch with negative implications).

The rating downgrade factors heightened uncertainties on contingent liabilities/claims against ZEEL causing increase in credit risk and rating concern, it said.

Shares of the company declined Rs 2.25, or 1.02%, to settle  at  Rs 219.  The total volume of shares traded  was  791,752 at  the BSE (Thursday).