Credit Analysis & Research (CARE) has downgraded rating of C&C Constructions' long term bank facilities to 'D' from 'C' of Rs 9.42 billion.

CARE has also downgraded rating of the company's long/ short term bank facilities to 'D' from 'C/ A4' of Rs 6.75 billion.

The revision in the ratings takes into account the ongoing delays in servicing of the company's debt obligations on account of the stretched liquidity position and continuing operating losses.

The company's debt was restructured under the Corporate Debt Restructuring (CDR) scheme effective from March 31, 2012.

Due to losses and tight liquidity position, the company is not able to adhere to the terms of CDR and has delayed on its debt repayments under the sanctioned CDR scheme. 

Shares of the company gained Rs 0.5, or 1.99%, to settle at Rs 25.60. The total volume of shares traded was 876 at the BSE (Friday).