MUMBAI: Moody's Ratings has downgraded ANI Technologies Pvt Ltd, the parent company of ride-hailing firm Ola, from ‘B3’ to ‘Caa1' and changed the outlook to negative.

The downgrade is attributed to weakening financial performance, reduced liquidity, and an increased risk of violating loan covenants. The global credit rating agency reported a decline in operating cash flows and an increase in refinancing risks due to slower revenue growth and ongoing losses.

"Moody's Ratings (Moody's) has downgraded ANI Technologies Pvt Ltd's (Ola) corporate family rating (CFR) and the rating on the guaranteed senior secured term loan borrowed by OLA Netherlands B.V., to Caa1 from B3. The loan is guaranteed by Ola," the release said.

Moody’s reported that ongoing operational challenges led to a higher-t

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