S&P Global Ratings on Wednesday lowered its preliminary long-term issuer credit rating on Future Retail and the preliminary long-term issue rating on the company's $500-million senior secured notes to 'CCC-' from 'B-'. The rating action was lowered because S&P believes that Future Retail's liquidity position has weakened due to the extended lockdown in the country due to the novel coronavirus. In March, the Bombay High Court had given relief to the Future Group company and restrained IDBI Trusteeship Services from selling the pledged shares in Future Retail until further orders. Future Corporate Resources and Rural Fairprice Wholesale had approached the court to restrain IDBI Trustee from selling the pledged shares. Future Retail's share price has fallen from Rs 350 on the date of transaction to Rs 303 at the start of March, a senior counsel had argued in court on behalf of the Future Group.