Credit rating agency Fitch Ratings has downgraded Future Retail's long-term issuer default rating to 'restricted default' from 'distressed' following the company's announcement that it has completed restructuring of bulk of its onshore debt.

The rating agency views the move as a distressed debt exchange (DDE). At the same time, it affirmed the rating on the company’s USD500 million 5.6% senior secured notes due 2025 at 'distressed' with a recovery rating of 'RR5'.

Shares of Future Retail  are trading at Rs 50.80, down Rs 0.35, or 0.68%  at the Bombay Stock Exchange (BSE) on Monday at 12:18 p.m.

The scrip has touched an intra-day high of Rs 51.95 and low of Rs 49.70. The total volume of shares traded at the BSE is 286,334.In the earlier session, the shares declined 0.2%, or Rs 0.1, at Rs 51.15.

Currently, the stock is trading down  44.3% from its 52-week high of Rs 168  and above 25.12% over the 52-week low of Rs 40.60.