UFO Moviez India (UFO), largest digital movie distribution network and in-cinema advertising platform in India today announced that the credit rating agency ICRA has reaffirmed the long-term rating at ICRA A+ and short term rating at ICRA A1 for Rs 1,823 million line of credit of UFO Moviez India.

The rating committee of ICRA has reaffirmed the long- term rating outstanding of [ICRA]A+(pronounced ICRA A plus) and revised the outlook to 'Negative' from 'Stable'.

As per ICRA, the revision in outlook on the long-term rating of the company factors in the significant disruption to its operations caused by the Covid-19 pandemic and delayed recovery in operations."The short-term rating for the company's line of credit continues to remain outstanding at llCRA] A1 (pronounced ICRA A one )," it said.

Shares of the company gained Rs 1.25, or 1.38%, to settle  at  Rs 91.55.  The total volume of shares traded  was  66,085 at  the BSE (Thursday).