The deal, though positive for BBP, comes too late to help it regain its investment-grade credit rating. The rating was dropped from BBB- last month.
Regaining its investment-grade credit rating is conditional on a $2.7 billion facility which BBP has signed with a syndicate of 11 lenders. Sources said the banks were likely to demand a higher interest rate on their debt and press for more onerous conditions.
A BBP spokesperson said that though the latest deal had a beneficial impact on the banks’ view of the company but the negotiations were challenging.
