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Care Ratings downgrades long-term instruments of IFCI

Mumbai: IFCI on Friday said Care Ratings has downgraded the ..

Mumbai: IFCI on Friday said Care Ratings has downgraded the long term instruments and non-convertible debentures (NCDs) of the company.

In a release late on Friday, IFCI said its long term instruments ratings were downgraded to BBB- from BBB by Care, while long term instruments NCDs were cut to BBB+ (SO) from A-. The ratings agency meanwhile, reaffirmed the ratings of its subordinated bonds at BBB-.

According to Care Ratings, the revision in the ratings assigned to the various bank facilities and instruments of IFCI factor in deterioration in capitalization profile of the company following an absence of capital infusion from the government in FY19, net loss reported during FY19 and moderate liquidity profile.

“IFCI's current capital adequacy levels are significantly below the regulatory requirement and will continue to be a cause for concern in the near term,” Care Ratings said in its rating rationale.

Also, IFCI's Read More – Source

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