Logistics company Sical Logistics, which is part of Coffee Day Enterprises, has received a credit downgrade from ICRA Ratings with outlook revised to negative on its long-term loans, and a downgrade on its short-term debt. The recent death of VG Siddhartha, who is a promoter and shareholder in Sical, was cited as a significant reason for the downgrade by the agency. This, the agency noted, has raised refinancing risk for the company, and limited Sical's financial flexibility.