Share price of Zee Entertainment Enterprises climbed 7% on Friday despite receiving downgrade in credit rating from Brickwork Ratings.

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).

In the rationale, "The rating downgrade factors heightened uncertainties on contingent liabilities/claims against ZEEL causing increase in credit risk and rating concern," Brickwork said.

Shares of Zee Entertainment Enterprises are trading at Rs 233.90, up Rs 14.9, or 6.80% at the Bombay Stock Exchange (BSE) on Friday at 11:30 a.m.

The scrip has touched an intra-day high of Rs 235.85 and low of Rs 221.15. The total volume of shares traded at the BSE is 2,018,324.In the earlier session, the shares declined 1.02%, or Rs 2.25, at Rs 219.

Currently, the stock is trading down 23.05% from its 52-week high of Rs 303.95 and above 105.18% over the 52-week low of Rs 114.