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The Waterbase Limited (TWL) has received a credit rating downgrade from CARE Ratings. The long-term/short-term bank facilities totaling ₹93.81 Cr are now CARE BBB-; Stable/CARE A3, down from CARE BBB; Stable/CARE A3+. Short-term bank facilities of ₹5.03 Cr were also downgraded to CARE A3 from CARE A3+. This revision is due to TWL's ongoing subdued financial performance, cash losses in the latest fiscal year and first half, reduced shrimp feed unit capacity utilisation, higher debt, and diminished liquidity. The company retains strengths from experienced promoters, diversified operations, and a comfortable capital structure.