{"id":65093,"date":"2018-02-20T23:37:50","date_gmt":"2018-02-20T23:37:50","guid":{"rendered":"http:\/\/www.bnreport.com\/india-ratings-downgrads-two-nirav-modi-owned-companies\/"},"modified":"2018-02-20T23:37:50","modified_gmt":"2018-02-20T23:37:50","slug":"india-ratings-downgrads-two-nirav-modi-owned-companies","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/india-ratings-downgrads-two-nirav-modi-owned-companies\/","title":{"rendered":"India Ratings downgrads two Nirav Modi-owned companies"},"content":{"rendered":"

MUMBAI: India Ratings has cut the creditworthiness of two Nirav Modi-owned companies, enmeshed in the country\u2019s biggest banking fraud hours after their chief finance officer Vipul Ambaini was arrested by the Central Bureau of Investigation (CBI). <\/p>\n

Those companies include Firestar<\/a> Diamond FZE\u2019s (FDFZE), Firestar Diamond International Private Limited\u2019s (FDIPL) <\/p>\n

The rating downgrade came as the Indian Ratings resolved the Rating Watch Negative (RWN), the action taken earlier for both the companies. <\/p>\n

The ratings have been cut to IND C (Structured Obligation), a few notches above than the default grade. <\/p>\n

FIPL\u2019s rating action follows the determination that the ongoing investigation into the financial irregularities at common promoter companies would lead to a substantial disruption in FIPL\u2019s operations, India Ratings said in a release. <\/p>\n

FDIPL was incorporated in 2006 as a jewellery manufacturing company for exports. FDFZE is a step-down subsidiary of FIPL, which was founded by Nirav Modi<\/a>. <\/p>\n

In the past few days, rating companies have also put Punjab National Bank and its subsidiaries under rating watch, considered a scrutiny before a possible rating downgrade or a cut in outlook. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

[contf]
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ET Markets<\/a><\/h5>\n

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