NEW DELHI: Even as Zee Entertainment Enterprises Ltd (ZeeL) CEO Punit Goenka's 4.0 vision measures are beginning to bear fruit and are resulting in a better performance for the company, credit rating agency Brickwork Ratings India has downgraded its rating and that of its debt, namely the six per cent cumulative redeemable non-convertible preference shares. These debt instruments are worth Rs 806.78 crore.

ZeeL informed the Bombay stock exchange about Brickwork's downgrade yesterday.

The previous rating for the six per cent cumulative redeemable non-convertible preference shares instrument was BWR AA- (credit watch with negative implications) while the new rating is BWR A (credit watch with negative implications).

The previous issuer rating was BWR AA- (credit watch with negative implications) while the new rating is BWR A (credit watch with negative implications).

Brickwork said it has done this factoring in heightened uncertainties on contingent liabilities/claims against ZeeL causing increase in credit risk and rating concern.

ZeeL is one of India's largest and oldest media conglomerates with a presence in linear, OTT and digital mediums. The media house is present in multiple genres such as news, films, production, GEC and others.