Crisil has downgraded its rating on long-term bank facilities and non-convertible debentures (NCDs) of PVR Ltd to AA-minus negative from AA negative. The rating on short-term bank facility has been reaffirmed at A1-plus and the rating on Rs 75 crore NCDs has been withdrawn as the instruments have been fully repaid. The rating actions reflect Crisil's expectation of weakening PVR's business risk profile over the medium term. It was earlier expected that with the resumption of operations in October 2020, the occupancy will improve gradually with the return of content to the multiplexes. However, with the recent spike in COVID-19 cases, recovery in the operating performance of multiplexes will be delayed. Many states have already announced localized lockdowns, night curfews, and restrictions over occupancy levels in cinemas.