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Brickwork Ratings cuts outlook on Edelweiss NCDs to negative

MUMBAI:Edelweiss Financial Services on Thursday said Brickwo..

MUMBAI:Edelweiss Financial Services on Thursday said Brickwork Ratings has revised the outlook on its Rs 50 crore non-convertible debenture (NCD) programme to negative from stable, while re-affirming the credit rating of BWR AA+.

“As of date, no debt is outstanding pursuant to this rating and, accordingly, the rating remains unutilised,” Edelweiss said in a notice to the BSE.

Last week, ICRA had cut Edelweiss Financials long-term NCD rating to AA- from AA with a negative outlook.

ICRA cited higher vulnerability for Edelweiss in the financial firms wholesale lending book, with heightened risk profile of assets from real estate and structured debt.

“The rating downgrade reflects the increased vulnerability in the Edelweiss Groups wholesale lending book with the heightened risk profile of the underlying assets, comprising real estate and structured debt transactions across sectors, and the consequent rise in stressed exposures,” the firm had said.

Icra had poinRead More – Source
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